<SEC-DOCUMENT>0000930413-11-002768.txt : 20110415
<SEC-HEADER>0000930413-11-002768.hdr.sgml : 20110415
<ACCEPTANCE-DATETIME>20110415160551
ACCESSION NUMBER:		0000930413-11-002768
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20110415
FILED AS OF DATE:		20110415
DATE AS OF CHANGE:		20110415

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAFE BULKERS, INC.
		CENTRAL INDEX KEY:			0001434754
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34077
		FILM NUMBER:		11762777

	BUSINESS ADDRESS:	
		STREET 1:		32 AVENUE KARAMANLI, P.O. BOX 70837
		STREET 2:		16605 VOULA
		CITY:			ATHENS
		STATE:			J3
		ZIP:			16605
		BUSINESS PHONE:		011-30-210-895-7070

	MAIL ADDRESS:	
		STREET 1:		32 AVENUE KARAMANLI, P.O. BOX 70837
		STREET 2:		16605 VOULA
		CITY:			ATHENS
		STATE:			J3
		ZIP:			16605
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>c65188_6k.htm
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>15d-16 UNDER THE SECURITIES EXCHANGE ACT
OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of April 2011</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SAFE BULKERS, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant&rsquo;s name into
English)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>30-32 Avenue Karamanli, P.O. Box 70837, 16605
Voula, Athens, Greece</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Form 20-F&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT>&#61472;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F&nbsp;&nbsp;<font face=WINGDINGS>o</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark whether the registrant by furnishing
the information contained in the Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Yes&nbsp;&nbsp;&nbsp;<font face=WINGDINGS>o</font>&#61472;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT>&#61472;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">If &#147;Yes&#148; is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b):</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<p style='page-break-before:always'></p>
<PAGE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">This Report on Form 6-K shall be incorporated by reference
in our registration statement on Form F-3, as filed with the Securities and Exchange Commission on October 8, 2009 (File No. 333-162381),
to the extent not superseded by documents or reports subsequently filed by us under the Securities Act of 1933 or the Securities
Exchange Act of 1934, in each case as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%" valign="top"><font size="2">1.1</font></td>
    <td><font size="2">Purchase
        Agreement, dated April 12, 2011, between Safe Bulkers, Inc., Morgan Stanley &amp; Co.
    Incorporated and Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated.</font></td>
  </tr>
  <tr>
    <td width="8%" valign="top"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="8%" valign="top"><font size="2">5.1</font></td>
    <td><font size="2">Opinion         of Cozen O&rsquo;Connor, special counsel on matters of Marshall Islands law to Safe
    Bulkers, Inc., dated April 15, 2011.</font></td>
  </tr>
  <tr>
    <td width="8%" valign="top"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="8%" valign="top"><font size="2">5.2</font></td>
    <td><font size="2">Opinion
        of Kirkland &amp; Ellis LLP, special U.S. counsel to Safe Bulkers, Inc.,
    dated April 15, 2011.</font></td>
  </tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in">&nbsp;</P>


<HR noshade align="center" width="100%" size="4">
<p style='page-break-before:always'></p>
<PAGE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Date: April 15, 2011</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%">&nbsp;</td>
    <td colspan="2">SAFE
    BULKERS, INC.</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="40%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>By:</td>
    <td>/s/ Konstantinos Adamopoulos</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>Name:</td>
    <td>Konstantinos Adamopoulos</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>Title:</td>
    <td>Chief Financial Officer</td>
  </tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in">&nbsp;</P>


<HR noshade align="center" width="100%" size="4">


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>c65188_ex1-1.htm
<TEXT>
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<BODY>


<P ALIGN=RIGHT><FONT SIZE=2><B>Exhibit 1.1</B></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>Execution Version</B></FONT></P>

<HR WIDTH="100%" SIZE="4" NOSHADE COLOR=BLACK STYLE="MARGIN-TOP: -5PX">
<HR WIDTH="100%" SIZE="1" NOSHADE COLOR=BLACK STYLE="MARGIN-TOP: -10PX">

<P ALIGN=CENTER><FONT SIZE=2>Safe Bulkers, Inc.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>(a Marshall Islands corporation)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5,000,000 Shares of Common Stock</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><U>PURCHASE AGREEMENT</U></FONT></P>

<P><FONT SIZE=2>Dated: April
12, 2011</FONT></P>

<HR WIDTH="100%" SIZE="1" noshade COLOR=BLACK style="margin-top: -2px">
<HR WIDTH="100%" SIZE="4" noshade COLOR=BLACK style="margin-top: -10px">

<P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2>Safe Bulkers, Inc.<BR>
(a Marshall Islands corporation)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5,000,000 Shares of Common Stock</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>PURCHASE AGREEMENT</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2>April 12, 2011</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="26%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="74%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Morgan
 Stanley &amp; Co. Incorporated</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Merrill
 Lynch, Pierce, Fenner &amp; Smith </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left style="text-indent:18.20mm"><FONT SIZE=2>Incorporated</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>c/o Morgan
 Stanley &amp; Co. Incorporated</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1585
 Broadway</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>New York,
 New York 10036</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Ladies and
Gentlemen:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safe
Bulkers, Inc., a Marshall Islands corporation (the &#147;Company&#148;), confirms its
agreement with Morgan Stanley &amp; Co. Incorporated (&#147;Morgan Stanley&#148;) and
Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#147;Merrill Lynch&#148;) and
each of the other Underwriters named in Schedule A hereto (collectively, the
&#147;Underwriters,&#148; which term shall also include any underwriter substituted as
hereinafter provided in Section 10 hereof), for whom Morgan Stanley and Merrill
Lynch are acting as representatives (in such capacity, the &#147;Representatives&#148;),
with respect to the issue and sale by the Company and the purchase by the
Underwriters, acting severally and not jointly, of the respective numbers of
shares of Common Stock, par value $0.001 per share, of the Company (&#147;Common
Stock&#148;) set forth in said Schedule A, and with respect to the grant by the
Company to the Underwriters, acting severally and not jointly, of the option
described in Section 2(b) hereof to purchase all or any part of 750,000
additional shares of Common Stock. The aforesaid 5,000,000 shares of Common
Stock (the &#147;Initial Securities&#148;) to be purchased by the Underwriters and all or
any part of the 750,000 shares of Common Stock subject to the option described
in Section 2(b) hereof (the &#147;Option Securities&#148;) are hereinafter called, collectively,
the &#147;Securities.&#148;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
understands that the Underwriters propose to make a public offering of the
Securities as soon as the Representatives deem advisable after this Agreement
has been executed and delivered.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
has filed with the Securities and Exchange Commission (the &#147;Commission&#148;) a
shelf registration statement on Form F-3 (No. 333-162381), including the
related preliminary prospectus or prospectuses, which registration statement
has become effective under the rules and regulations of the Commission (the
&#147;1933 Act Regulations&#148;) under the Securities Act of 1933, as amended (the &#147;1933
Act&#148;). Such registration statement covers the registration of the sale of the
Securities under the 1933 Act. Promptly after execution and delivery of this
Agreement, the Company will prepare and file a prospectus in accordance with
the provisions of Rule 430B (&#147;Rule 430B&#148;) of the 1933 Act Regulations and
paragraph (b) of Rule 424 (&#147;Rule 424(b)&#148;) of the 1933 Act Regulations. Any
information included in such prospectus that was omitted from such registration
statement at the time it became effective but that is deemed to be part of and
included in such registration statement pursuant to Rule 430B is referred to as
&#147;Rule 430B Information.&#148; Each prospectus used in connection with the offering
of the Securities that omitted Rule 430B Information, is herein called a
&#147;preliminary prospectus.&#148; Such registration statement, </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>at any given time, including the amendments thereto to such time, the exhibits
and any schedules thereto at such time, the documents incorporated by reference
therein pursuant to Item 6 of Form F-3 under the 1933 Act at such time and the
documents otherwise deemed to be a part thereof or included therein by 1933 Act
Regulations, is herein called the &#147;Registration Statement.&#148; The Registration
Statement at the time it originally became effective is herein called the
&#147;Original Registration Statement.&#148; Any registration statement filed pursuant to
Rule 462(b) of the 1933 Act Regulations is herein referred to as the &#147;Rule
462(b) Registration Statement&#148; and after such filing the term &#147;Registration
Statement&#148; shall include the Rule 462(b) Registration Statement. The final
prospectus in the form first furnished to the Underwriters for use in
connection with the offering of the Securities, including the documents
incorporated by reference therein pursuant to Item 6 of Form F-3 under the 1933
Act at the time of the execution of this Agreement and any preliminary
prospectuses that form a part thereof, is herein called the &#147;Prospectus.&#148; For
purposes of this Agreement, all references to the Registration Statement, any
preliminary prospectus, the Prospectus or any amendment or supplement to any of
the foregoing shall be deemed to include the copy filed with the Commission
pursuant to its Electronic Data Gathering, Analysis and Retrieval system
(&#147;EDGAR&#148;).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this Agreement:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Applicable
Time&#148; means 8:30 a.m. (New York City time) on April 12, 2011 or such other time
as agreed by the Company and the Representatives.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;General
Disclosure Package&#148; means any Issuer General Use Free Writing Prospectuses
issued at or prior to the Applicable Time, the prospectus (including any
documents incorporated therein by reference) that is included in the
Registration Statement as of the Applicable Time and the information included
on Schedule B hereto, all considered together.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Issuer
Free Writing Prospectus&#148; means any &#147;issuer free writing prospectus,&#148; as defined
in Rule 433 of the 1933 Act Regulations (&#147;Rule 433&#148;), relating to the
Securities that (i) is required to be filed with the Commission by the Company,
(ii) is a &#147;road show that is a written communication&#148; within the meaning of
Rule 433(d)(8)(i), whether or not required to be filed with the Commission or
(iii) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a
description of the Securities or of the offering that does not reflect the
final terms, in each case in the form filed or required to be filed with the
Commission or, if not required to be filed, in the form retained in the
Company&#146;s records pursuant to Rule 433(g).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Issuer
General Use Free Writing Prospectus&#148; means any Issuer Free Writing Prospectus
that is intended for general distribution to prospective investors (other than
a &#147;bona fide electronic road show&#148; as defined in Rule 433), as evidenced by its
being specified in Schedule&nbsp;D hereto.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Issuer
Limited Use Free Writing Prospectus&#148; means any Issuer Free Writing Prospectus
that is not an Issuer General Use Free Writing Prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Statutory
Prospectus&#148; as of any time means the prospectus relating to the Securities that
is included in the Registration Statement immediately prior to that time,
including any document incorporated by reference therein and any preliminary or
other prospectus deemed to be a part thereof.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
references in this Agreement to financial statements and schedules and other
information which is &#147;contained,&#148; &#147;included&#148; or &#147;stated&#148; in the Registration
Statement, any </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>



<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>preliminary prospectus or the Prospectus (or other references of like
import) shall be deemed to mean and include all such financial statements and
schedules and other information which is incorporated by reference in or
otherwise deemed by 1933 Act Regulations to be a part of or included in the
Registration Statement, any preliminary prospectus or the Prospectus, as the
case may be; and all references in this Agreement to amendments or supplements
to the Registration Statement, any preliminary prospectus or the Prospectus
shall be deemed to mean and include the filing of any document under the
Securities Exchange Act of 1934 (the &#147;1934 Act&#148;) which is incorporated by
reference in or otherwise deemed by 1933 Act Regulations to be a part of or
included in the Registration Statement, such preliminary prospectus or the
Prospectus, as the case may be.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1. <U>Representations
and Warranties.</U></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
 <I>Representations
 and Warranties by the Company</I>. The Company represents and warrants
 to each Underwriter as of the date hereof, the Applicable Time and as of the
 Closing Time referred to in Section 2(c) hereof, and as of each Date of
 Delivery (if any) referred to in Section 2(b) hereof, and agrees with each
 Underwriter, as follows:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 <U>Registration Statement, Prospectus and Disclosure at Time of Sale</U>. The
 Company meets the requirements for the use of Form F-3 under the 1933 Act.
 Each of the Original Registration Statement, any Rule 462(b) Registration
 Statement and any post-effective amendments thereto have become effective
 under the 1933 Act and no stop order suspending the effectiveness of the
 Registration Statement (including any Rule 462(b) Registration Statement) has
 been issued under the 1933 Act and no proceedings for that purpose have been
 instituted or are pending or, to the knowledge of the Company, are
 contemplated by the Commission, and any request on the part of the Commission
 for additional information has been complied with. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
 the respective times the Original Registration Statement, any Rule 462(b)
 Registration Statement and each post-effective amendment thereto became
 effective, at each deemed effective date with respect to the Underwriters
 pursuant to Rule 430B(f)(2) of the 1933 Act Regulations and at the Closing
 Time (and, if any Option Securities are purchased, at the Date of Delivery),
 the Registration Statement, any Rule 462(b) Registration Statement and any
 amendments and supplements thereto complied and will comply in all material
 respects with the requirements of the 1933 Act and the 1933 Act Regulations
 and did not and will not contain an untrue statement of a material fact or
 omit to state a material fact required to be stated therein or necessary to
 make the statements therein not misleading. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
 the Prospectus nor any amendments or supplements thereto (including any
 prospectus wrapper), at the time the Prospectus or any such amendment or
 supplement was issued and at the Closing Time (and, if any Option Securities
 are purchased, at the Date of Delivery), included or will include an untrue
 statement of a material fact or omitted or will omit to state a material fact
 necessary in order to make the statements therein, in the light of the
 circumstances under which they were made, not misleading.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
 preliminary prospectus (including the prospectus or prospectuses filed as
 part of the Original Registration Statement or any amendment thereto) complied
 when so filed in all material respects with the 1933 Act Regulations and each
 preliminary prospectus and the Prospectus delivered to the Underwriters for
 use in connection with this offering was identical to the electronically
 transmitted copies thereof filed with the Commission pursuant to EDGAR,
 except to the extent permitted by Regulation S-T.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
 of the Applicable Time, neither (x) the General Disclosure Package, nor (y)
 any individual Issuer Limited Use Free Writing Prospectus, when considered
 together with the General Disclosure Package, included any untrue statement
 of a material fact or omitted to state any material fact necessary in order
 to make the statements therein, in the light of the circumstances under which
 they were made, not misleading.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
 Issuer Free Writing Prospectus, as of its issue date and at all subsequent
 times through the completion of the public offer and sale of the Securities
 or until any earlier date that the Company notified or notifies the
 Representatives as described in Section 3(e), did not, does not and will not
 include any information that conflicted, conflicts or will conflict with the
 information contained in the Registration Statement or the Prospectus, including
 any document incorporated by reference therein and any preliminary or other
 prospectus deemed to be a part thereof that has not been superseded or
 modified.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 representations and warranties in this subsection shall not apply to statements
 in or omissions from the Registration Statement, the Prospectus or any Issuer
 Free Writing Prospectus made in reliance upon and in conformity with written
 information furnished to the Company by any Underwriter through the
 Representatives expressly for use therein (the &#147;Underwriter Information&#148;).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
 the time of filing the Registration Statement, any Rule 462(b) Registration
 Statement and any post-effective amendments thereto, at the earliest time
 thereafter that the Company or another offering participant made a bona fide
 offer (within the meaning of Rule 164(h)(2) of the 1933 Act Regulations) of
 the Securities and at the date hereof, the Company was not and is not an
 &#147;ineligible issuer,&#148; as defined in Rule 405 of the 1933 Act Regulations.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <U>Incorporated
 Documents</U>. The documents incorporated or deemed to be incorporated by
 reference in the Registration Statement and the Prospectus, at the time they
 were or hereafter are filed with the Commission, complied and will comply in
 all material respects with the requirements of the 1934 Act and the rules and
 regulations of the Commission thereunder (the &#147;1934 Act Regulations&#148;), and,
 when read together with the other information in the Prospectus, (a) at the
 time the Original Registration Statement became effective, (b) at the earlier
 of the time the Prospectus was first used and the date and time of the first
 contract of sale of Securities in this offering and (c) at the Closing Time
 (and if any Option Securities are purchased, at the Date of Delivery), did
 not and will not contain an untrue statement of a material fact or omit to
 state a material fact required to be stated therein or necessary to make the
 statements therein not misleading.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <U>Independent
 Accountants</U>. The accountants who certified the financial statements and
 supporting schedules included in the Registration Statement are independent
 public accountants as required by the 1933 Act and the 1933 Act Regulations.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <U>No
 Restrictions</U>. There are no restrictions on subsequent transfers of the
 Securities under the laws of the Republic of the Marshall Islands.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <U>Financial
 Statements; Non-GAAP Financial Measures</U>. The financial statements
 included in the Registration Statement, the General Disclosure Package and
 the Prospectus, together with the related schedules and notes, present fairly
 the financial position of the Company and its consolidated subsidiaries at
 the dates indicated and the statement of operations, stockholders&#146; equity and
 cash flows of the Company and its consolidated subsidiaries for the periods
 specified; said financial statements have been prepared in conformity with
 U.S. generally accepted accounting principles (&#147;GAAP&#148;) applied on a
 consistent basis throughout the periods involved. The supporting schedules,
 if any, present fairly in accordance with GAAP the information required to be
 stated therein. The selected financial data and the summary financial
 information included in the documents in the General Disclosure Package and
 in the Prospectus constitute a fair summary of the information purported to
 be summarized and have been compiled on a basis consistent with that of the
 audited financial statements included in the Registration </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Statement. No other financial statements or supporting schedules are
 required to be included or incorporated by reference in the Registration
 Statement, the General Disclosure Package or the Prospectus under the 1933
 Act. All disclosures contained in the Registration Statement, the General
 Disclosure Package or the Prospectus or incorporated by reference therein
 regarding &#147;non GAAP financial measures&#148; (as such term is defined by the rules
 and regulations of the Commission) comply with Regulation G of the U.S.
 Securities Exchange Act of 1934 (the &#147;1934 Act&#148;) and Item 10 of Regulation
 S-K of the 1933 Act to the extent applicable.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <U>No
 Material Adverse Change in Business</U>. Since the respective dates as of
 which information is given in the Registration Statement, the General
 Disclosure Package or the Prospectus, except as otherwise disclosed therein,
 (A) there has been no material adverse change in the condition, financial or
 otherwise, or in the earnings, business affairs or business prospects of the
 Company and its subsidiaries considered as one enterprise, whether or not
 arising in the ordinary course of business (a &#147;Material Adverse Effect&#148;), (B)
 there have been no transactions entered into by the Company or any of its
 subsidiaries, other than those in the ordinary course of business, which are
 material with respect to the Company and its subsidiaries considered as one
 enterprise, and (C) there has been no dividend or distribution of any kind
 declared, paid or made by the Company or, other than to the Company, any
 Subsidiary (as defined in Section 1(a)(viii) hereof) on any class of its
 capital stock.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <U>Good
 Standing of Company</U>. The Company is validly existing as a corporation in
 good standing under the laws of the Republic of the Marshall Islands and has
 corporate power and authority to own, lease and operate its properties and to
 conduct its business as described in the Registration Statement, the General
 Disclosure Package and the Prospectus and to enter into and perform its
 respective obligations under this Agreement; and the Company is duly
 qualified as a foreign corporation to transact business and is in good
 standing in each other jurisdiction in which such qualification is required,
 whether by reason of the ownership or leasing of property or the conduct of
 business, except where the failure so to qualify or to be in good standing
 would not result in a Material Adverse Effect.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <U>Good
 Standing of Subsidiaries</U>. Each subsidiary of the Company (each a
 &#147;Subsidiary&#148; and, collectively, the &#147;Subsidiaries&#148;) has been duly organized
 and is validly existing as a corporation in good standing under the laws of
 the jurisdiction of its incorporation, has corporate power and authority to
 own, lease and operate its properties and to conduct its business as
 described in the Registration Statement, the General Disclosure Package and
 the Prospectus and is duly qualified as a foreign corporation to transact
 business and is in good standing in each jurisdiction in which such
 qualification is required, whether by reason of the ownership or leasing of
 property or the conduct of business, except where the failure so to qualify
 or to be in good standing would not result in a Material Adverse Effect; all
 of the issued and outstanding capital stock of each such Subsidiary has been
 duly authorized and validly issued and is fully paid and non assessable and
 is owned by the Company, directly or through wholly-owned Subsidiaries, free
 and clear of any security interest, mortgage, pledge, lien, encumbrance,
 claim or equity except for those arising under Credit Facilities (as
 hereinafter defined) as disclosed in the Registration Statement, General
 Disclosure Package and the Prospectus; none of the outstanding shares of
 capital stock of any Subsidiary was issued in violation of the preemptive or
 similar rights of any security holder of such Subsidiary. The only
 vessel-owning Subsidiaries of the Company are the Subsidiaries listed on
 Schedule F-1 hereto and the only Subsidiaries that have contracted to acquire
 vessels are listed on Schedule F-2 hereto. Other than the Subsidiaries listed
 on Schedule F-1 and Schedule F-2 hereto, there are no material Subsidiaries
 of the Company.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) <U>Capitalization</U>.
 The authorized, issued and outstanding capital stock of the Company is as set
 forth under the caption &#147;Capitalization and Indebtedness&#148; in the Prospectus;
 no options, warrants or other rights to purchase, agreements or other
 obligations to issue or rights to convert any obligation into or exchange any
 security for shares of capital stock or equity interests in the Company are
 outstanding, except pursuant to the Stockholder Rights Agreement between the
 Company and the rights agent party thereto (the &#147;Stockholder Rights
 Agreement&#148;) as disclosed in the Registration Statement, General Disclosure
 Package and the Prospectus. The shares of issued and outstanding capital
 stock have been duly authorized and validly issued and are fully paid and
 non-assessable; none of the outstanding shares of capital stock of the
 Company was issued in violation of the preemptive or other similar rights of
 any security holder of the Company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <U>Authorization
 and Description of Securities.</U> The Securities have been duly authorized
 for issuance and sale to the Underwriters pursuant to this Agreement and,
 when issued and delivered by the Company pursuant to this Agreement against
 payment of the consideration set forth herein, will be validly issued, fully
 paid and non-assessable; the class of Common Stock conforms to all statements
 relating thereto contained in the Registration Statement, the General
 Disclosure Package and the Prospectus and such description conforms in all
 material respects to the rights set forth in the instruments defining the
 same; no holder of the Securities will be subject to personal liability
 solely by reason of being such a holder and the issuance of the Securities is
 not subject to the preemptive or other similar rights of any security holder
 of the Company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) <U>Authorization
 of Agreement</U>. This Agreement has been duly authorized, executed and
 delivered by the Company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) <U>Stockholder
 Rights Agreement</U>. The Stockholder Rights Agreement between the Company
 and the rights agent party thereto constitutes a valid and binding agreement
 of each such party enforceable against each such party in accordance with its
 terms; subject to applicable bankruptcy, insolvency, fraudulent transfer,
 reorganization, moratorium and similar laws relating to or affecting
 creditors&#146; rights generally and by general principles of equity (regardless
 of whether such enforceability is considered in proceeding in equity or at
 law); and when issued in accordance with the terms of the Stockholder Rights
 Agreement, the preferred stock purchase rights, including those associated
 with the Securities, constitute valid and binding obligations of the Company
 and the Registration Statement, the General Disclosure Package and the
 Prospectus contain a summary of the terms of the Stockholder Rights Agreement,
 which summary is accurate and fair in all material respects.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) <U>Transaction
 Documents</U>. Each of the Memoranda of Agreement, as each may be amended and
 which have not been terminated as disclosed in the Registration Statement and
 Prospectus, (the &#147;MoAs&#148; and each, an &#147;MoA&#148;) to purchase, or newbuilding
 contracts, as each may be amended and which have not been terminated as
 disclosed in the Registration Statement and Prospectus, (the &#147;Newbuilding
 Contracts&#148; and each, a &#147;Newbuilding Contract&#148;) for the construction of, the
 vessels to be acquired by the Company, as described in the Registration
 Statement, the General Disclosure Package and the Prospectus (the &#147;Identified
 Vessels&#148;), has been duly authorized and has been executed and delivered by
 the respective parties thereto and the Company has no reason to believe that
 such MoAs and Newbuilding Contracts do not constitute valid and binding
 agreements of each such party enforceable in all material respects against
 each such party in accordance with its terms, as may be amended. Any required
 consent in connection with the transactions contemplated by any MoA, any
 Newbuilding Contract, any charter (the &#147;Charters&#148;) or any credit facility or
 loan agreement (&#147;Credit Facilities&#148;) described in the Registration Statement,
 the General Disclosure Package and the Prospectus for each of the </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Identified Vessels has been obtained. The Registration Statement, the
 General Disclosure Package and the Prospectus contain a summary of the terms
 of the MoAs, the Newbuilding Contracts, the Charters and the Credit
 Facilities, which summaries are accurate and fair in all material respects.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) <U>Absence
 of Defaults and Conflicts</U>. Neither the Company nor any Subsidiary is in
 violation of its charter or by-laws or in default in the performance or
 observance of any obligation, agreement, covenant or condition contained in
 any contract, indenture, mortgage, deed of trust, loan or credit agreement,
 note, lease or other agreement or instrument to which the Company or any
 Subsidiary is a party or by which it or any of them may be bound, or to which
 any of the property or assets of the Company or any Subsidiary, is subject
 (collectively, &#147;Agreements and Instruments&#148;) except for such violations or
 defaults, singly or in the aggregate, that would not result in a Material
 Adverse Effect; and the execution, delivery and performance of this Agreement
 and the consummation of the transactions contemplated herein and in the
 Registration Statement, the General Disclosure Package and the Prospectus
 (including the issuance and sale of the Securities by the Company) and
 compliance by the Company with its obligations hereunder have been duly
 authorized by all necessary corporate action and do not and will not, whether
 with or without the giving of notice or passage of time or both, (A) result
 in any violation of the provisions of the charter or by-laws of the Company
 or any Subsidiary, or (B) conflict with or constitute a breach of, or default
 or Repayment Event (as defined below) under, or result in the creation or
 imposition of any lien, charge or encumbrance upon any property or assets of
 the Company or any Subsidiary pursuant to, the Agreements and Instruments
 (except for such conflicts, breaches, defaults or Repayment Events or liens,
 charges or encumbrances that would not, singly or in the aggregate, result in
 a Material Adverse Effect), or result in any violation of any applicable law,
 statute, rule, regulation, judgment, order, writ or decree of any government,
 government instrumentality or court, domestic or foreign, having jurisdiction
 over the Company or any Subsidiary or any of their assets, properties or
 operations except for such violations that would not result in a Material
 Adverse Effect. As used herein, a &#147;Repayment Event&#148; means any event or
 condition which gives the holder of any note, debenture or other evidence of
 indebtedness (or any person acting on such holder&#146;s behalf) the right to
 require the repurchase, redemption or repayment of all or a portion of such
 indebtedness by the Company or any Subsidiary.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) <U>Absence
 of Labor Dispute</U>. No labor dispute with the employees of the Company, any
 of the Company&#146;s affiliates or any Subsidiary exists or, to the knowledge of
 the Company, is imminent, and the Company is not aware of any existing or
 imminent labor disturbance by the employees of any of its or any Subsidiary&#146;s
 principal suppliers, manufacturers, customers or contractors, which would
 result in a Material Adverse Effect.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) <U>Absence
 of Proceedings</U>. There is no action, suit, proceeding, inquiry or
 investigation before or brought by any court or governmental agency or body,
 domestic or foreign, now pending, or, to the knowledge of the Company,
 threatened, against or affecting the Company or any Subsidiary, which is
 required to be disclosed in the Registration Statement, the General
 Disclosure Package or the Prospectus, or which could reasonably be expected
 to result in a Material Adverse Effect, or which could reasonably be expected
 to materially and adversely affect the properties or assets thereof or the
 consummation of the transactions contemplated in this Agreement or the
 performance by the Company of its obligations hereunder; the aggregate of all
 pending legal or governmental proceedings to which the Company or any
 Subsidiary is a party or of which any of their respective property or assets
 is the subject which are not described in the Registration Statement, the
 General Disclosure Package and the Prospectus, including ordinary routine
 litigation incidental to the business, would not result in a Material Adverse
 Effect.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) <U>Accuracy
 of Exhibits</U>. There are no contracts or documents which are required to be
 described in the Registration Statement, the General Disclosure Package or
 the Prospectus or the documents incorporated by reference therein or to be
 filed as exhibits thereto which have not been so described and filed as
 required.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) <U>Possession
 of Intellectual Property</U>. The Company and the Subsidiaries own or
 possess, or can acquire on reasonable terms, adequate patents, patent rights,
 licenses, inventions, copyrights, know how (including trade secrets and other
 unpatented and/or unpatentable proprietary or confidential information,
 systems or procedures), trademarks, service marks, trade names or other
 intellectual property (collectively, &#147;Intellectual Property&#148;) necessary to
 carry on the business now operated by them in any material respect, and none
 of the Company or any Subsidiary has received any notice or is otherwise
 aware of any infringement of or conflict with asserted rights of others with
 respect to any Intellectual Property or of any facts or circumstances which
 would render any Intellectual Property invalid or inadequate to protect the
 interest of the Company or any Subsidiary therein, and which infringement or
 conflict (in the case of any unfavorable decision, ruling or finding) or
 invalidity or inadequacy, singly or in the aggregate, would result in a
 Material Adverse Effect.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) <U>Absence
 of Further Requirements</U>. No filing with, or authorization, approval,
 consent, license, order, registration, qualification or decree of, any court
 or governmental authority or agency is necessary or required for the performance
 by the Company of its obligations hereunder, in connection with the offering,
 issuance and sale of the Securities hereunder or the consummation of the
 transactions contemplated by this Agreement, except such as have been already
 obtained or as may be required under the 1933 Act or the 1933 Act Regulations
 or state securities laws.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) <U>Absence
 of Manipulation</U>. Neither the Company nor any affiliate of the Company has
 taken, nor will the Company or any affiliate take, directly or indirectly,
 any action which is designed to or which has constituted or which would be
 expected to cause or result in stabilization or manipulation of the price of
 any security of the Company to facilitate the sale or resale of the
 Securities.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) <U>Possession
 of Licenses and Permits</U>. The Company and each Subsidiary possess such
 permits, licenses, certificates, approvals, financial assurances, consents
 and other authorizations (collectively, &#147;Governmental Licenses&#148;) issued by
 the appropriate international, national, state or local regulatory agencies
 or bodies (collectively, &#147;Governmental Authorities&#148;) necessary to conduct the
 business now operated by them, except where the failure so to possess would
 not, singly or in the aggregate, result in a Material Adverse Effect; the
 Company and each Subsidiary are in compliance with the terms and conditions
 of all such Governmental Licenses, except where the failure so to comply
 would not, singly or in the aggregate, result in a Material Adverse Effect;
 all of the Governmental Licenses are valid and in full force and effect,
 except when the invalidity of such Governmental Licenses or the failure of
 such Governmental Licenses to be in full force and effect would not, singly
 or in the aggregate, result in a Material Adverse Effect; and none of the
 Company or any of the Subsidiaries has received any notice of proceedings
 relating to the revocation or modification of any such Governmental Licenses
 which, singly or in the aggregate, if the subject of an unfavorable decision,
 ruling or finding, would result in a Material Adverse Effect.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) <U>Title
 to Property</U>. The Company and each Subsidiary has good and marketable
 title to all real property owned by them and good title to all other
 properties owned by them, in each case, free and clear of all mortgages,
 pledges, liens, security interests, claims, restrictions or</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>encumbrances of any kind except such as (a) are described in the
 Registration Statement, General Disclosure Package and Prospectus or (b)
 would not, singly or in the aggregate, result in a Material Adverse Effect;
 and all of the leases and subleases material to the business of the Company
 and its Subsidiaries, considered as one enterprise, and under which the
 Company or any of its Subsidiaries holds properties described in the
 Registration Statement, the General Disclosure Package and the Prospectus,
 are in full force and effect, and neither the Company nor any Subsidiary has
 any notice of any material claim of any sort that has been asserted by anyone
 adverse to the rights of the Company or any Subsidiary under any of the
 leases or subleases mentioned above, or affecting or questioning the rights
 of the Company or such Subsidiary to the continued possession of the leased
 or subleased premises under any such lease or sublease in any material
 respect.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) <U>Vessels</U>.
 (A) All of the vessels described in the Registration Statement, the General
 Disclosure Package and the Prospectus, except for the Contracted Vessels
 (each of which a Subsidiary has contracted to acquire), are owned directly by
 Subsidiaries); each of the vessels listed on Schedule F-1 (the &#147;Owned
 Vessels&#148;) hereto has been duly registered as a vessel under the laws and
 regulations and flag of the jurisdiction set forth opposite its name on
 Schedule F-1 in the sole ownership of the Subsidiary set forth opposite its
 name on Schedule F-1 and no other action is necessary to establish and
 perfect such entity&#146;s title to and interest in such vessel as against any
 charterer or third party; each such Subsidiary has good title to the
 applicable Owned Vessel, free and clear of all mortgages, pledges, liens,
 security interests and claims and all defects of the title of record except
 for those liens arising under Credit Facilities, each as disclosed in the
 Registration Statement, the General Disclosure Package and the Prospectus,
 and such other encumbrances which would not, in the aggregate, result in a
 Material Adverse Effect; and each such Owned Vessel is in good standing with respect
 to the payment of past and current taxes, fees and other amounts payable
 under the laws of the jurisdiction where it is registered as would affect its
 registry with the ship registry of such jurisdiction except for failures to
 be in good standing which would not, in the aggregate, result in a Material
 Adverse Effect. Upon delivery to and acceptance by the relevant Subsidiary
 under the MoAs and the Newbuilding Contracts described in the Registration
 Statement, General Disclosure Package and Prospectus, each of the vessels
 listed on Schedule F-2 hereto and specified as being under contract (the
 &#147;Contracted Vessels&#148;) for delivery to and acceptance by a Subsidiary will be
 duly registered as a vessel under the laws of the jurisdiction set forth
 opposite its name on Schedule F-2, or under the laws of a generally accepted
 shipping industry flag jurisdiction, in the sole ownership of the Subsidiary
 set forth opposite its name on Schedule F-2, on such date, each such
 Subsidiary will have good title to the applicable Contracted Vessel, free and
 clear of all mortgages, pledges, liens, security interests, claims and all
 defects of the title of record, except for any mortgages, pledges, liens,
 security interests or claims arising from any financing arrangement which the
 Company or Subsidiary may enter to finance the acquisition of the Contracted
 Vessel and except such encumbrances which would not, in the aggregate, result
 in a Material Adverse Effect; and each such Contracted Vessel will be in good
 standing with respect to the payment of past and current taxes, fees and
 other amounts payable under the laws of the jurisdiction where it is
 registered as would affect its registry with the ship registry of such
 jurisdiction.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each
 Owned Vessel is, and the Company will use reasonable commercial efforts to
 ensure that each Contracted Vessel will be, operated in compliance with the
 rules, codes of practice, conventions, protocols, guidelines or similar
 requirements or restrictions imposed, published or promulgated by any
 Governmental Authority, classification society or insurer applicable to the
 respective vessel (collectively, &#147;Maritime Guidelines&#148;) and all applicable
 international, national, state and local conventions, laws, regulations,
 orders, Governmental Licenses and other requirements (including, without
 limitation, all Environmental Laws), except</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>where such failure to be in compliance would not have, individually
 or in the aggregate, a Material Adverse Effect. The Company and each
 applicable Subsidiary are, and with respect to the Contracted Vessels will
 be, qualified to own or lease, as the case may be, and operate such vessels
 under all applicable international, national, state and local conventions,
 laws, regulations, orders, Governmental Licenses and other requirements
 (including, without limitation, all Environmental Laws) and Maritime Guidelines,
 including the laws, regulations and orders of each such vessel&#146;s flag state,
 except where such failure to be so qualified would not have, individually or
 in the aggregate, a Material Adverse Effect. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Each
 Owned Vessel is, and each Contracted Vessel will be, classed by any of
 Lloyd&#146;s Register of Shipping, American Bureau of Shipping, Det Norske Veritas
 or a classification society which is a full member of the International
 Association of Classification Societies and each Owned Vessel is, and the
 Company will use reasonable commercial efforts to ensure each Contracted
 Vessel will be, in class with valid class and trading certificates, without
 any overdue recommendations. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) <U>Investment
 Company Act</U>. The Company is not required, and upon the issuance and sale
 of the Securities as contemplated by this Agreement and the application of
 the net proceeds therefrom as described in the Registration Statement, the
 General Disclosure Package and the Prospectus will not be required, to
 register as an &#147;investment company&#148; under the Investment Company Act of 1940,
 as amended (the &#147;1940 Act&#148;). </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)

<U>Compliance
 with Environmental Laws</U>. (i) Neither the Company nor any of its
 Subsidiaries is in violation of any applicable international, national, state
 or local convention, law, regulation, order, Governmental License or other
 requirement relating to pollution or protection of human health or safety (as
 they relate to exposure to Materials of Environmental Concern (as defined
 below)) or protection of the environment (including, without limitation,
 ambient air, surface water, groundwater, land surface or subsurface strata)
 or protection of natural resources, including without limitation,
 conventions, laws or regulations relating to emissions, discharges, releases
 or threatened releases of chemicals, pollutants, contaminants, wastes, toxic
 substances, hazardous substances, petroleum and petroleum products
 (collectively, &#147;Materials of Environmental Concern&#148;), or otherwise relating
 to the manufacture, processing, distribution, use, treatment, storage,
 disposal, transport or handling of Materials of Environmental Concern
 (collectively, &#147;Environmental Laws&#148;), nor has the Company or any Subsidiary
 received any written communication, whether from a Governmental Authority,
 citizens group, employee or otherwise, that alleges that the Company or any
 such Subsidiary is in violation of any Environmental Law or Governmental
 License required pursuant to Environmental Law; except, in each case, as
 would not, individually or in the aggregate, have a Material Adverse Effect;
 (ii) there is no claim, action or cause of action filed with a court or
 Governmental Authority and no investigation, or other action with respect to
 which the Company or any Subsidiary has received written notice alleging
 potential liability for investigatory costs, cleanup costs, governmental
 response costs, natural resources damages, property damages, personal
 injuries, attorneys&#146; fees or penalties arising out of, based on or resulting
 from the presence, or release into the environment, of any Material of
 Environmental Concern at any location owned, leased or operated by the
 Company or any Subsidiary, now or in the past, or from any vessel owned,
 leased or operated by the Company or any Subsidiary, now or in the past
 (collectively, &#147;Environmental Claim&#148;), pending or, to the knowledge of the
 Company, threatened against the Company or any Subsidiary or any person or
 entity whose liability for any Environmental Claim the Company or any
 Subsidiary has retained or assumed either contractually or by operation of
 law, except as would not, individually or in the aggregate, have a Material
 Adverse Effect; (iii) to the knowledge of the Company, there are no past or
 present actions, activities, circumstances, conditions, events or </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>incidents, including, without limitation, the release, emission,
 discharge, presence or disposal of any Material of Environmental Concern,
 that reasonably would be expected to result in a violation of any
 Environmental Law, require expenditures to be incurred pursuant to
 Environmental Law, or form the basis of an Environmental Claim against the
 Company, any Subsidiary or against any person or entity whose liability for
 any Environmental Claim the Company or any Subsidiary has retained or assumed
 either contractually or by operation of law, except as would not,
 individually or in the aggregate, have a Material Adverse Effect; and (iv)
 none of the Company or any Subsidiary is subject to any pending proceeding
 under Environmental Law to which a Governmental Authority is a party and
 which the Company reasonably believes is likely to result in monetary
 sanctions of $100,000 or more. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) <U>Effect
 of Environmental Laws</U>. The Company has reasonably concluded that
 associated costs and liabilities arising under Environmental Laws and
 resulting from the business, operations or properties of the Company or any
 Subsidiary would not, individually or in the aggregate, reasonably be
 expected to have a Material Adverse Effect, except as set forth in or
 contemplated in the General Disclosure Package, the Registration Statement
 and the Prospectus. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)

<U>Registration
 Rights</U>. There are no persons with registration rights or other similar
 rights to have any securities registered pursuant to the Registration
 Statement or otherwise registered by the Company under the 1933 Act, which
 have not been validly waived in connection with the transactions contemplated
 by this Agreement and the 90-day period after the date hereof as described in
 the Registration Statement, the General Disclosure Package and the
 Prospectus. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii)

<U>Accounting
 Controls</U>. The Company and each of its Subsidiaries maintain effective
 internal control over financial reporting (as defined under Rule 13a-15 and
 15d-15 under the 1934 Act Regulations) and a system of internal accounting
 controls sufficient to provide reasonable assurances that (1) transactions
 are executed in accordance with management&#146;s general or specific
 authorization; (2) transactions are recorded as necessary to permit
 preparation of financial statements in conformity with GAAP and to maintain
 accountability for assets; (3) access to assets is permitted only in
 accordance with management&#146;s general or specific authorization; and (4) the
 recorded accountability for assets is compared with the existing assets at
 reasonable intervals and appropriate action is taken with respect to any
 differences. Since the end of the Company&#146;s most recent audited fiscal year,
 there has been (I) no material weakness in the Company&#146;s internal control
 over financial reporting (whether or not remediated) and (II) no change in
 the Company&#146;s internal control over financial reporting that has materially
 affected, or is reasonably likely to materially affect, the Company&#146;s
 internal control over financial reporting. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 Company and its consolidated subsidiaries maintain an effective system of
 disclosure controls and procedures (as defined in Rule 13a-15 and Rule 15d-15
 under the 1934 Act Regulations) that are designed to ensure that information
 required to be disclosed by the Company in the reports that it files or
 submits under the 1934 Act is recorded, processed, summarized and reported,
 within the time periods specified in the Commission&#146;s rules and forms, and is
 accumulated and communicated to the Company&#146;s management, including its
 principal executive officer or officers and principal financial officer or
 officers, as appropriate, to allow timely decisions regarding disclosure. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)

<U>Compliance
 with the Sarbanes-Oxley Act</U>. There is and has been no failure on the part
 of the Company or any of the Company&#146;s directors or officers, in their
 capacities as such, to comply in all material respects with any provision of
 the Sarbanes-Oxley Act of 2002 and the </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>11</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>rules and regulations promulgated thereunder or implementing the
 provisions thereof (the &#147;Sarbanes-Oxley Act&#148;) that are in effect and which
 the Company is required to comply with. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) <U>Taxes</U>.
 No capital gains, income, withholding or other taxes are payable by or on
 behalf of the Underwriters to the Republic of Greece, the Republic of the
 Marshall Islands (assuming that none of the Underwriters are citizens or
 residents of the Republic of The Marshall Islands or are carrying on business
 or conducting transactions in the Republic of The Marshall Islands), Cyprus
 or Liberia, or to any political subdivision or taxing authority thereof or
 therein in connection with the issuance, sale and delivery by the Company of
 the Securities to or for the respective accounts of the Underwriters or the
 sale and delivery by the Underwriters of the Securities to the initial
 purchasers thereof. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) <U>Payment
 of Taxes</U>. Except as would not cause a Material Adverse Effect, all United
 States federal income tax returns of the Company and its Subsidiaries
 required by law to be filed have been filed and all taxes shown by such
 returns or otherwise assessed, which are due and payable, have been paid,
 except assessments against which appeals have been or will be promptly taken
 and as to which adequate reserves have been provided. The United States
 federal income tax returns of the Company through the fiscal year ended
 December 31, 2009 have been filed and no assessment in connection therewith
 has been made against the Company. The Company and Subsidiaries have filed
 all other tax returns that are required to have been filed by them pursuant
 to applicable foreign, state, local or other law except insofar as the
 failure to file such returns would not result in a Material Adverse Effect
 and has paid all taxes due pursuant to such returns or pursuant to any
 assessment received by the Company and Subsidiaries, except for such taxes,
 if any, as are being contested in good faith and as to which adequate
 reserves have been provided. The charges, accruals and reserves on the books
 of the Company in respect of any income and corporation tax liability for any
 years not finally determined are adequate to meet any assessments or
 re-assessments for additional income tax for any years not finally
 determined, except to the extent of any inadequacy that would not result in a
 Material Adverse Effect. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) <U>Transfer
 Taxes</U>. There are no documentary, stamp or other issuance or transfer
 taxes or duties or similar fees or charges under U.S. federal law or the laws
 of any U.S. state, the Republic of the Marshall Islands (assuming that none
 of the Underwriters are citizens or residents of the Republic of The Marshall
 Islands or are carrying on business or conducting transactions in the
 Republic of the Marshall Islands), Liberia or Greece, or any political
 subdivision of any thereof, required to be paid in connection with the
 execution and delivery of this Agreement or the issuance, sale and delivery
 by the Company of the Securities to or for the respective accounts of the
 Underwriters or the sale and delivery by the Underwriters of the Securities
 to the initial purchasers thereof. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii)

<U>Insurance</U>.
 Except as disclosed in the Registration Statement, General Disclosure Package
 and the Prospectus, the Company and its Subsidiaries carry or are entitled to
 the benefits of insurance, with financially sound and reputable insurers, in
 such amounts and covering such risks as the Company reasonably considers
 adequate for the conduct of its business and the value of its properties and
 as is generally maintained by companies or insurance clubs of established
 repute engaged in the same or similar business, and all such insurance is in
 full force and effect. There are no material claims by or on behalf of the
 Company or any Subsidiary under any such policy or instrument as to which any
 insurance company is denying liability or defending under a reservation of
 rights clause and neither the Company nor any of the Subsidiaries is
 currently required to make any payment, or is aware of any facts which would
 require the Company or any Subsidiary to make any payment, in respect of a
 call by, or a contribution to, any insurance club, except for any payment or
 claims which would not, in the aggregate, result in a Material Adverse </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>12</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Effect. The Company has no reason to believe that it or any
 Subsidiary will not be able (A) to renew its existing insurance coverage as
 and when such policies expire or (B) to obtain comparable coverage from
 similar institutions as may be necessary or appropriate to conduct its
 business as now conducted and at a cost that would not result in a Material
 Adverse Effect. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv)

<U>Statistical
 and Market-Related Data</U>. Any statistical and market-related data included
 in the Registration Statement, the General Disclosure Package and the
 Prospectus are based on or derived from sources that the Company believes to
 be reliable and accurate and, to the extent required, the Company has
 obtained the written consent to the use of such data from such sources. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) <U>Pending
 Proceedings and Examinations</U>. The Registration Statement is not the
 subject of a pending proceeding or examination under Section 8(d) or 8(e) of
 the 1933 Act, and the Company is not the subject of a pending proceeding
 under Section 8A of the 1933 Act in connection with the offering of the
 Securities. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) <U>Foreign
 Corrupt Practices</U>. Neither the Company nor any of its Subsidiaries or
 affiliates, nor any director, officer, or employee, nor, to the Company&#146;s
 knowledge, any agent or representative of the Company or of any of its
 Subsidiaries or affiliates, has taken or will take any action in furtherance
 of an offer, payment, promise to pay, or authorization or approval of the
 payment or giving of money, property, gifts or anything else of value,
 directly or indirectly, to any &#147;government official&#148; (including any officer
 or employee of a government or government-owned or controlled entity or of a
 public international organization, or any person acting in an official
 capacity for or on behalf of any of the foregoing, or any political party or
 party official or candidate for political office) to influence official
 action or secure an improper advantage; and the Company and its Subsidiaries
 and affiliates have conducted their businesses in compliance with applicable
 anti-corruption laws and have instituted and maintain and will continue to maintain
 policies and procedures designed to promote and achieve compliance with such
 laws and with the representation and warranty contained herein. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) <U>Money
 Laundering Laws</U>. The operations of the Company and its Subsidiaries are
 and have been conducted at all times in compliance with all applicable
 financial recordkeeping and reporting requirements, including those of the
 Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening
 America by Providing Appropriate Tools Required to Intercept and Obstruct
 Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money
 laundering statutes of jurisdictions where the Company and its Subsidiaries
 conduct business, the rules and regulations thereunder and any related or
 similar rules, regulations or guidelines, issued, administered or enforced by
 any governmental agency (collectively, the &#147;Anti-Money Laundering Laws&#148;), and
 no action, suit or proceeding by or before any court or governmental agency,
 authority or body or any arbitrator involving the Company or any of its
 Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to
 the best knowledge of the Company, threatened. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii)
 <U>OFAC</U>. (i) Neither the Company nor any of its Subsidiaries, nor any
 director or officer thereof, nor, to the Company&#146;s knowledge, any employee,
 agent, affiliate or representative of the Company or any of its Subsidiaries,
 is an individual or entity (&#147;Person&#148;) that is, or is owned or controlled by a
 Person that is (A) the subject of any sanctions administered or enforced by
 the U.S. Department of Treasury&#146;s Office of Foreign Assets Control (&#147;OFAC&#148;),
 the United Nations Security Council (&#147;UNSC&#148;), the European Union (&#147;EU&#148;), Her
 Majesty&#146;s Treasury (&#147;HMT&#148;) (collectively, &#147;Sanctions&#148;), nor (B) located,
 organized or resident in Burma/Myanmar, Cuba, Iran, Libya, North Korea, Sudan
 and Syria. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>13</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT

SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 The Company will not, directly or indirectly, use the proceeds of the
 offering, or lend, contribute or otherwise make available such proceeds to
 any Subsidiary, joint venture partner or other Person to fund or facilitate
 any activities or business of any Person or in any country or territory that,
 at the time of such funding or facilitation, is the subject of Sanctions and
 would be impermissible for a U.S. Person; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT

SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 Other than as described in the Registration Statement, the General Disclosure
 Package and the Prospectus, for the past five years, the Company and its Subsidiaries
 have not knowingly engaged in, are not now knowingly engaged in and will not
 knowingly engage in any dealings or transactions with any Person, or in any
 country or territory, that at the time of the dealing or transaction is or
 was the subject of Sanctions and would be impermissible for a U.S. Person. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxix)

<U>Commissions
 and Fees</U>. Except as disclosed in the Registration Statement, the General
 Disclosure Package and the Prospectus, there are no contracts, agreements or
 understandings between the Company and any person that would give rise to a
 valid claim against the Company or any Underwriter for a brokerage
 commission, finder&#146;s fee or other like payment in connection with the
 transactions contemplated by this Agreement, the Registration Statement, the
 General Disclosure Package and the Prospectus or, to the Company&#146;s knowledge,
 any arrangements, agreements, understandings, payments or issuance with
 respect to the Company or any of its officers, directors, shareholders,
 partners, employees, subsidiaries or affiliates that may affect the
 Underwriters&#146; compensation as determined by the Financial Industry Regulatory
 Authority (&#147;FINRA&#148;). </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xl) <U>No
 Association with FINRA</U>. Neither the Company nor any of its affiliates
 directly, or indirectly through one or more intermediaries, controls, or is
 controlled by, or is under common control with, or is a person associated
 with (within the meaning of Article I (dd) of the bylaws of the FINRA), any
 member firm of the FINRA. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xli) <U>No
 Outstanding Loans or Other Indebtedness</U>. There are no outstanding loans,
 advances (except normal advances for business expenses in the ordinary course
 of business) or guarantees or indebtedness by the Company to or for the
 benefit of any of the officers or directors of the Company or any of the
 family members of any of them. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlii) <U>Lending
 Relationship</U>. Except as disclosed in the Registration Statement, the
 General Disclosure Package and the Prospectus, the Company does not have any
 material lending or other relationship with any bank or lending affiliate of
 any Underwriter. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliii) <U>Immunity
 from Jurisdiction</U>. Neither the Company nor any Subsidiary or any of their
 respective properties or assets has any immunity from the jurisdiction of any
 court or from any legal process (whether through service or notice,
 attachment prior to judgment, attachment in aid of execution or otherwise)
 under the laws of the United States, the Republic of the Marshall Islands,
 Liberia, Cyprus or Greece or any political subdivisions thereof. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliv) <U>Foreign
 Private Issuer Status</U>. The Company is a &#147;foreign private issuer&#148; as
 defined in Rule 405 of the 1933 Act. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlv) <U>PFIC
 Status</U>. As described in the Registration Statement (and subject to the
 limitations and restrictions therein) the Company believes that it did not
 qualify as a &#147;passive foreign investment company&#148; (&#147;PFIC&#148;) within the meaning
 of Section 1297 of the United States </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Internal Revenue Code of 1986, as amended, for its most recently
 completed taxable year, if any, and believes that it is not likely to qualify
 as a PFIC in its current or a subsequent taxable year. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlvi) <U>Dividends
 and Distributions</U>. Except as disclosed in the Registration Statement, the
 General Disclosure Package and the Prospectus, the Company is not prohibited,
 directly or indirectly, from paying any dividends, from making any other
 distribution, from repaying any loans or advances or from transferring any of
 its property or assets. All dividends and other distributions declared and
 payable on the shares of capital stock of the Company may, under the current
 laws and regulations of the Republic of the Marshall Islands, Greece and any
 political subdivisions thereof, be paid in United States dollars and may be
 freely transferred out of the Republic of the Marshall Islands or Greece and
 all such dividends and other distributions will not be subject to withholding
 or other taxes under the laws and regulations of the Republic of the Marshall
 Islands (so long as not paid to a citizen or resident of the Republic of the
 Marshall Islands) or Greece and are otherwise free and clear of any other
 tax, withholding or deduction and without the necessity of obtaining any
 consents, approvals, authorizations, orders, licenses, registrations,
 clearances and qualifications of or with any court or governmental agency or
 body or any stock exchange authority in the Republic of the Marshall Islands
 or Greece. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlvii)

<U>Distributions
 from Subsidiaries</U>. Except as disclosed in the Registration Statement, the
 General Disclosure Package and the Prospectus, there are no encumbrances or
 restrictions on the ability of any Subsidiary (A) to pay dividends or make
 other distributions on such Subsidiary&#146;s capital stock or to pay any
 indebtedness to the Company and any such dividends and other distributions,
 under the current laws and regulations of the jurisdictions where such
 Subsidiaries are organized, may be freely transferred out of such
 jurisdictions and all such dividends and other distributions will not be
 subject to withholding or other taxes under the laws and regulations of such
 jurisdictions, (B) to make loans or advances or pay any indebtedness to the
 Company or (C) to transfer any of its property or assets to the Company. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlviii)

<U>Forward-Looking
 Statements</U>. Each &#147;forward-looking statement&#148; (within the meaning of
 Section 27A of the 1933 Act or Section 21E of the 1934 Act) contained in the
 Registration Statement, the General Disclosure Package and the Prospectus has
 been made or reaffirmed with a reasonable basis and has been disclosed in
 good faith. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlix)

<U>Submission
 to Jurisdiction</U>. The Company has the power to submit, and pursuant to
 Section 16 of this Agreement has legally, validly, effectively and
 irrevocably submitted, to the jurisdiction of any federal or state court in
 the State of New York, County of New York, and has the power to designate,
 appoint and empower, and pursuant to Section 16 of this Agreement has
 legally, validly and effectively designated, appointed and empowered, an
 agent for service of process in any suit or proceeding based on or arising
 under this Agreement in any federal or state court in the State of New York.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<I> Officer&#146;s

Certificates</I>. Any certificate
 signed by any officer of the Company or any of its subsidiaries delivered to
 the Representatives or to counsel for the Underwriters shall be deemed a
 representation and warranty by the Company to each Underwriter as to the
 matters covered thereby.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>SECTION 2. <U>Sale
 and Delivery to Underwriters; Closing</U>.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<I> Initial

Securities</I>. On the basis of the
 representations and warranties herein contained and subject to the terms and
 conditions herein set forth, the Company agrees to sell to each Underwriter,
 severally and not jointly, and each Underwriter, severally and not jointly,
 agrees to purchase from the Company, at the price per share set forth in
 Schedule C, the number of Initial Securities set forth in</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>Schedule A opposite the name of such Underwriter, plus any additional
number of Initial Securities which such Underwriter may become obligated to
purchase pursuant to the provisions of Section 10 hereof. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Option
Securities</I>. In addition, on the basis of the representations and
warranties herein contained and subject to the terms and conditions herein set
forth, the Company hereby grants an option to the Underwriters, severally and
not jointly, to purchase up to an additional 750,000 shares of Common Stock at
the price per share set forth in Schedule C, less an amount per share equal to
any dividends or distributions declared by the Company and payable on the
Initial Securities but not payable on the Option Securities. The option hereby
granted will expire 30 days after the date hereof and may be exercised in whole
or in part from time to time upon notice by the Representatives to the Company
setting forth the number of Option Securities as to which the several
Underwriters are then exercising the option and the time and date of payment
and delivery for such Option Securities. Any such time and date of delivery (a
&#147;Date of Delivery&#148;) shall be determined by the Representatives, but shall not
be later than seven full business days after the exercise of said option, nor
in any event prior to the Closing Time, as hereinafter defined. If the option
is exercised as to all or any portion of the Option Securities, each of the
Underwriters, acting severally and not jointly, will purchase that proportion
of the total number of Option Securities then being purchased which the number
of Initial Securities set forth in Schedule A opposite the name of such
Underwriter bears to the total number of Initial Securities, subject in each
case to such adjustments as the Representatives in their discretion shall make
to eliminate any sales or purchases of fractional shares. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Payment</I>.
Payment of the purchase price for, and delivery of the Initial Securities shall
be made at the offices of Morgan, Lewis &amp; Bockius LLP, 101 Park Avenue, New
York, New York 10178, or at such other place as shall be agreed upon by the
Representatives and the Company, at 9:00 A.M. (New York City time) on the third
(fourth, if the pricing occurs after 4:30 P.M. (New York City time) on any
given day) business day after the date hereof (unless postponed in accordance
with the provisions of Section 10), or such other time not later than ten
business days after such date as shall be agreed upon by the Representatives
and the Company (such time and date of payment and delivery being herein called
&#147;Closing Time&#148;). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in the event that any or all of the Option Securities are purchased
by the Underwriters, payment of the purchase price for, and delivery of such Option
Securities shall be made at the above-mentioned offices, or at such other place
as shall be agreed upon by the Representatives and the Company, on each Date of
Delivery as specified in the notice from the Representatives to the Company. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
shall be made to the Company by wire transfer of immediately available funds to
a bank account designated by the Company, against delivery to the
Representatives for the respective accounts of the Underwriters of the
Securities to be purchased by them. It is understood that each Underwriter has
authorized the Representatives, for its account, to accept delivery of, receipt
for, and make payment of the purchase price for, the Initial Securities and the
Option Securities, if any, which it has agreed to purchase. Morgan Stanley,
individually and not as representative of the Underwriters, may (but shall not
be obligated to) make payment of the purchase price for the Initial Securities
or the Option Securities, if any, to be purchased by any Underwriter whose
funds have not been received by the Closing Time or the relevant Date of
Delivery, as the case may be, but such payment shall not relieve such
Underwriter from its obligations hereunder. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)

<I>Denominations;
Registration</I>. The Initial Securities and the Option Securities, if
any, shall be in such denominations and registered in such names as the
Representatives may request in writing at least one full business day before
the Closing Time or the relevant Date of Delivery, as the case may be. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.
<U>Covenants of the Company</U>. The Company covenants with each Underwriter as
follows: </FONT> </P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Compliance

with Securities Regulations and
 Commission Requests</I>. The Company, subject to Section 3(b), will
 comply with the requirements of Rule 430B and will notify the Representatives
 immediately, and confirm the notice in writing, (i) when any post-effective
 amendment to the Registration Statement or new registration statement
 relating to the Securities shall become effective, or any supplement to the
 Prospectus or any amended Prospectus shall have been filed, (ii) of the
 receipt of any comments from the Commission, (iii) of any request by the
 Commission for any amendment to the Registration Statement, the filing of a
 new registration statement or any amendment or supplement to the Prospectus
 or any document incorporated by reference therein or otherwise deemed to be a
 part thereof or for additional information, (iv) of the issuance by the
 Commission of any stop order suspending the effectiveness of the Registration
 Statement or such new registration statement or of any order preventing or
 suspending the use of any preliminary prospectus, or of the suspension of the
 qualification of the Securities for offering or sale in any jurisdiction, or
 of the initiation or threatening of any proceedings for any of such purposes
 or of any examination pursuant to Section 8(e) of the 1933 Act concerning the
 Registration Statement and (v) if the Company becomes the subject of a
 proceeding under Section 8A of the 1933 Act in connection with the offering
 of the Securities. The Company will effect all filings required under Rule
 424(b), in the manner and within the time period required by Rule 424(b)
 (without reliance on Rule 424(b)(8)), and will take such steps as it deems
 necessary to ascertain promptly whether the form of prospectus transmitted
 for filing under Rule 424(b) was received for filing by the Commission and,
 in the event that it was not, it will promptly file such prospectus. The
 Company will make every reasonable effort to prevent the issuance of any stop
 order and, if any stop order is issued, to obtain the lifting thereof at the
 earliest possible moment. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Filing of

Amendments and Exchange Act Documents</I>.
 The Company will give the Representatives notice of its intention to file or
 prepare any amendment to the Registration Statement (including any filing
 under Rule 462(b)) or new registration statement relating to the Securities
 or any amendment, supplement or revision to either any preliminary prospectus
 (including any prospectus included in the Original Registration Statement or
 amendment thereto at the time it became effective) or to the Prospectus,
 whether pursuant to the 1933 Act, the 1934 Act or otherwise, and the Company
 will furnish the Representatives with copies of any such documents a
 reasonable amount of time prior to such proposed filing or use, as the case
 may be, and will not file or use any such document to which the
 Representatives or counsel for the Underwriters shall reasonably object. The
 Company has given the Representatives notice of any filings made pursuant to
 the 1934 Act or 1934 Act Regulations within 48 hours prior to the execution
 of this Agreement; the Company will give the Representatives notice of its
 intention to make any such filing from the execution of this Agreement to the
 Closing Time and will furnish the Representatives with copies of any such
 documents a reasonable amount of time prior to such proposed filing and will
 not file or use any such document to which the Representatives or counsel for
 the Underwriters shall reasonably object. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Delivery of

Registration Statements</I>. The
 Company has furnished or will deliver to the Representatives and counsel for
 the Underwriters, without charge, signed copies of the Original Registration
 Statement and of each amendment thereto (including exhibits filed therewith
 or incorporated by reference therein and documents incorporated or deemed to
 be incorporated by reference therein or otherwise deemed to be a part
 thereof) and signed copies of all consents and certificates of experts, and
 will also deliver to the Representatives, without charge, a conformed copy of
 the Original Registration Statement and of each amendment thereto </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>17</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>(without exhibits) for each of the Underwriters. The copies of the
 Original Registration Statement and each amendment thereto furnished to the
 Underwriters will be identical to the electronically transmitted copies
 thereof filed with the Commission pursuant to EDGAR, except to the extent
 permitted by Regulation S-T. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Delivery of

Prospectuses</I>. The Company
 has delivered to each Underwriter, without charge, as many copies of each
 preliminary prospectus as such Underwriter reasonably requested, and the
 Company hereby consents to the use of such copies for purposes permitted by
 the 1933 Act. The Company will furnish to each Underwriter, without charge,
 during the period when the Prospectus is required to be delivered under the
 1933 Act, such number of copies of the Prospectus (as amended or
 supplemented) as such Underwriter may reasonably request. The Prospectus and
 any amendments or supplements thereto furnished to the Underwriters will be
 identical to the electronically transmitted copies thereof filed with the
 Commission pursuant to EDGAR, except to the extent permitted by Regulation
 S-T. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <I>Continued

Compliance with Securities Laws</I>.
 The Company will comply with the 1933 Act and the 1933 Act Regulations and
 the 1934 Act and the 1934 Act Regulations so as to permit the completion of
 the distribution of the Securities as contemplated in this Agreement and in
 the Prospectus. If at any time when a prospectus is required by the 1933 Act
 to be delivered in connection with sales of the Securities, any event shall
 occur or condition shall exist as a result of which it is necessary, in the
 reasonable opinion of counsel for the Underwriters or for the Company, to
 amend the Registration Statement or amend or supplement the Prospectus in order
 that the Prospectus will not include any untrue statements of a material fact
 or omit to state a material fact necessary in order to make the statements
 therein not misleading in the light of the circumstances existing at the time
 it is delivered to a purchaser, or if it shall be necessary, in the
 reasonable opinion of such counsel, at any such time to amend the
 Registration Statement or to file a new registration statement amend or
 supplement the Prospectus in order to comply with the requirements of the 1933
 Act or the 1933 Act Regulations, the Company will promptly prepare and file
 with the Commission, subject to Section 3(b), such amendment, supplement or
 new registration statement as may be necessary to correct such statement or
 omission or to comply with such requirements, the Company will use its best
 efforts to have such amendment or new registration statement declared
 effective as soon as practicable (if it is not an automatic shelf
 registration statement with respect to the Securities) and the Company will
 furnish to the Underwriters such number of copies of such amendment,
 supplement or new registration statement as the Underwriters may reasonably
 request. If at any time following issuance of an Issuer Free Writing
 Prospectus there occurred or occurs an event or development as a result of
 which such Issuer Free Writing Prospectus conflicted or would conflict with
 the information contained in the Registration Statement (or any other
 registration statement relating to the Securities) or the Statutory Prospectus
 or any preliminary prospectus or included or would include an untrue
 statement of a material fact or omitted or would omit to state a material
 fact necessary in order to make the statements therein, in the light of the
 circumstances existing at that subsequent time, not misleading, the Company
 will promptly notify the Representatives and will promptly amend or
 supplement, at its own expense, such Issuer Free Writing Prospectus to
 eliminate or correct such conflict, untrue statement or omission. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <I>Blue Sky

Qualifications</I>. The Company
 will use its best efforts, in cooperation with the Underwriters, to qualify
 the Securities for offering and sale under the applicable securities laws of
 such states and other applicable jurisdictions (domestic or foreign) as the
 Representatives may designate and to maintain such qualifications in effect
 for a period of not less than one year from the date hereof; provided,
 however, that the Company shall not be obligated to file any general consent
 to service of process or to qualify as a foreign corporation or as a dealer
 in </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>18</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE:ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>securities in any jurisdiction in which it is not so qualified or to
 subject itself to taxation in respect of doing business in any jurisdiction
 in which it is not otherwise so subject. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <I>Rule 158</I>. The Company will timely file
 such reports pursuant to the 1934 Act as are necessary in order to make
 generally available to its security holders as soon as practicable an
 earnings statement for the purposes of, and to provide to the Underwriters
 the benefits contemplated by, the last paragraph of Section 11(a) of the 1933
 Act. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <I>Use of Proceeds</I>. The Company will use
 the net proceeds received by it from the sale of the Securities in the manner
 specified in the Prospectus under &#147;Use of Proceeds.&#148; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <I>Listing</I>. The Company will use its
 commercially reasonable efforts to effect the listing of the Securities on
 the New York Stock Exchange. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <I>Restriction on Sale of Securities</I>.
 During a period of 90 days from the date of the Prospectus, the Company will
 not, without the prior written consent of Morgan Stanley and Merrill Lynch,
 (i) directly or indirectly, offer, pledge, sell, contract to sell, sell any
 option or contract to purchase, purchase any option or contract to sell,
 grant any option, right or warrant to purchase or otherwise transfer or
 dispose of any share of Common Stock or any securities convertible into or
 exercisable or exchangeable for Common Stock or file any registration
 statement under the 1933 Act with respect to any of the foregoing or (ii)
 enter into any swap or any other agreement or any transaction that transfers,
 in whole or in part, directly or indirectly, the economic consequence of
 ownership of the Common Stock, whether any such swap or transaction described
 in clause (i) or (ii) above is to be settled by delivery of Common Stock or
 such other securities, in cash or otherwise. The foregoing sentence shall not
 apply to (A) the Securities to be sold hereunder, (B) any shares of Common
 Stock issued by the Company upon the exercise of an option outstanding on the
 date hereof and referred to in the Prospectus, (C) any shares of Common Stock
 issued or options to purchase Common Stock granted pursuant to existing
 employee benefit plans of the Company referred to in the Prospectus or (D)
 any shares of Common Stock issued pursuant to any non-employee director stock
 plan. Notwithstanding the foregoing, if (1) during the last 17 days of the
 90-day restricted period the Company issues an earnings release or material
 news or a material event relating to the Company occurs or (2) prior to the
 expiration of the 90-day restricted period, the Company announces that it
 will release earnings results or becomes aware that material news or a
 material event will occur during the 16-day period beginning on the last day
 of the 90-day restricted period, the restrictions imposed in this clause (j)
 shall continue to apply until the expiration of the 18-day period beginning
 on the issuance of the earnings release or the occurrence of the material
 news or material event. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <I>Reporting Requirements</I>. The Company,
 during the period when the Prospectus is required to be delivered under the
 1933 Act, will file all documents required to be filed with the Commission
 pursuant to the 1934 Act within the time periods required by the 1934 Act and
 the 1934 Act Regulations. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <I>Issuer Free Writing Prospectuses</I>. The
 Company represents and agrees that, unless it obtains the prior written
 consent of the Representatives, and each Underwriter represents and agrees
 that, unless it obtains the prior consent of the Company and the
 Representatives, it has not made and will not make any offer relating to the
 Securities that would constitute an &#147;issuer free writing prospectus,&#148; as
 defined in Rule 433, or that would otherwise constitute a &#147;free writing
 prospectus,&#148; as defined in Rule 405, required to be filed by the Company with
 the Commission under Rule 433. Any such free writing prospectus consented to
 by the Representatives or by the Company and the Representatives, as the case
 may be, is hereinafter </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>19</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>referred to as a &#147;Permitted Free Writing Prospectus.&#148; The Company
 represents that it has treated or agrees that it will treat each Permitted
 Free Writing Prospectus as an &#147;issuer free writing prospectus,&#148; as defined in
 Rule 433, and has complied and will comply with the requirements of Rule 433
 applicable to any Permitted Free Writing Prospectus, including timely filing
 with the Commission where required, legending and record keeping. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4. <U>Payment
of Expenses</U>. (a) <I>Expenses</I>.
The Company will pay all expenses incident to the performance of its
obligations under this Agreement, including (i) the preparation, printing and
filing of the Registration Statement (including financial statements and
exhibits) as originally filed and of each amendment thereto, (ii) the
preparation, printing and delivery to the Underwriters of this Agreement, any
Agreement among Underwriters and such other documents as may be required in
connection with the offering, purchase, sale, issuance or delivery of the
Securities, (iii) the preparation, issuance and delivery of the certificates
for the Securities to the Underwriters, including any stock or other transfer
taxes and any stamp or other duties payable upon the sale, issuance or delivery
of the Securities to the Underwriters, (iv) the fees and disbursements of the
Company&#146;s counsel, accountants and other advisors, (v) the qualification of the
Securities under securities laws in accordance with the provisions of Section
3(f) hereof, including filing fees and the reasonable fees and disbursements of
counsel for the Underwriters in connection therewith and in connection with the
preparation of the Blue Sky Survey and any supplement thereto, (vi) the
printing and delivery to the Underwriters of copies of each preliminary
prospectus, any Permitted Free Writing Prospectus, and of the Prospectus and
any amendments or supplements thereto and any costs associated with electronic
delivery of any of the foregoing by the Underwriters to investors, (vii) the
preparation, printing and delivery to the Underwriters of copies of the Blue
Sky Survey and any supplement thereto, (viii) the fees and expenses of any
transfer agent or registrar for the Securities, (ix) the costs and expenses of
the Company relating to investor presentations on any &#147;road show&#148; undertaken in
connection with the marketing of the Securities, including without limitation,
expenses associated with the production of road show slides and graphics, fees
and expenses of any consultants engaged in connection with the road show
presentations, travel and lodging expenses of the representatives and officers
of the Company and any such consultants, and the Company&#146;s proportionate share
of the cost of aircraft and other transportation chartered in connection with
the road show, (x) the filing fees incident to, and the reasonable fees and
disbursements of counsel to the Underwriters in connection with, the review by
FINRA of the terms of the sale of the Securities, (xi) the fees and expenses
incurred in connection with the listing of the Securities on the New York Stock
Exchange and (xii) the costs and expenses (including without limitation any
damages or other amounts payable in connection with legal and contractual liability)
associated with the reforming of any contracts for sale of the Securities made
by the Underwriters caused by a breach of the representation contained in the
third sentence of Section 1(a)(i). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Termination of Agreement</I>. If this
Agreement is terminated by the Representatives in accordance with the
provisions of Section 5 or Section 9(a)(i) hereof, the Company shall reimburse
the Underwriters for all of their out-of-pocket expenses, including the
reasonable fees and disbursements of counsel for the Underwriters. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5. <U>Conditions
of Underwriters&#146; Obligations</U>. The obligations of the several Underwriters
hereunder are subject to the accuracy of the representations and warranties of
the Company contained in Section 1 hereof or in certificates of any officer of
the Company or any Subsidiary of the Company delivered pursuant to the
provisions hereof, to the performance by the Company of its covenants and other
obligations hereunder, and to the following further conditions: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Effectiveness of Registration Statement; Filing of
 Prospectus</I>. The Registration Statement, including any Rule 462(b)
 Registration Statement, has become effective and at Closing Time no stop
 order suspending the effectiveness of the Registration Statement shall have </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>20</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>been issued under the 1933 Act or proceedings therefor initiated or
 threatened by the Commission, and any request on the part of the Commission
 for additional information shall have been complied with to the reasonable
 satisfaction of counsel to the Underwriters. A prospectus containing the Rule
 430B Information shall have been filed with the Commission in the manner and
 within the time period required by Rule 424(b) without reliance on Rule
 424(b)(8) (or a post-effective amendment providing such information shall
 have been filed and become effective in accordance with the requirements of
 Rule 430B). </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Opinion of U.S. Counsel for Company</I>. At
 Closing Time, the Representatives shall have received the favorable opinion,
 dated as of Closing Time, of Kirkland &amp; Ellis LLP, special U.S. counsel
 for the Company, in form and substance satisfactory to counsel for the
 Underwriters, together with signed or reproduced copies of such letter for
 each of the other Underwriters to the effect set forth in Exhibit A hereto. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Opinion of Counsel on Issues of Marshall Islands
 Law for Company</I>. At Closing Time, the Representatives shall have
 received the favorable opinion, dated as of Closing Time, of Cozen O&#146;Connor,
 special counsel on matters of Marshall Islands law for the Company, in form
 and substance satisfactory to counsel for the Underwriters, together with
 signed or reproduced copies of such letter for each of the other Underwriters
 to the effect set forth in Exhibit B hereto. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Opinion of Counsel on Issues of Liberian Law for
 Company</I>. At Closing Time, the Representatives shall have received
 the favorable opinion, dated as of Closing Time, of Cozen O&#146;Connor, special
 counsel on matters of Liberian law for the Company, in form and substance
 satisfactory to counsel for the Underwriters, together with signed or
 reproduced copies of such letter for each of the other Underwriters to the
 effect set forth in Exhibit C hereto. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <I>Opinion of Cypriot Counsel for Company</I>.
 At Closing Time, the Representatives shall have received the favorable
 opinion, dated as of Closing Time, of L. Papaphilippou &amp; Co., special
 Cypriot counsel for the Company, in form and substance satisfactory to
 counsel for the Underwriters, together with signed or reproduced copies of
 such letter for each of the other Underwriters to the effect set forth in
 Exhibit D hereto. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <I>Opinion of Greek Counsel for Company</I>. At
 Closing Time, the Representatives shall have received the favorable opinion,
 dated as of Closing Time, of Kyriakidis, Georgopoulos, Daniolos, and Issaias,
 special Greek counsel for the Company, in form and substance satisfactory to
 counsel for the Underwriters, together with signed or reproduced copies of
 such letter for each of the other Underwriters to the effect set forth in
 Exhibit E hereto. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <I>Opinion of Counsel for Underwriters</I>. At
 Closing Time, the Representatives shall have received the favorable opinion,
 dated as of Closing Time, of Morgan, Lewis &amp; Bockius LLP, counsel for the
 Underwriters, together with signed or reproduced copies of such letter for
 each of the other Underwriters, in form and substance satisfactory to the
 Representatives. In giving such opinion such counsel may rely, as to all
 matters governed by the laws of jurisdictions other than the law of the State
 of New York and the federal law of the United States, upon the opinions of
 counsel satisfactory to the Representatives. Such counsel may also state that,
 insofar as such opinion involves factual matters, they have relied, to the
 extent they deem proper, upon certificates of officers of the Company and its
 subsidiaries and certificates of public officials. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <I>Company Officers&#146; Certificate</I>. At
 Closing Time, there shall not have been, since the date hereof, since the
 Applicable Time or since the respective dates as of which information is
 given in the Prospectus or the General Disclosure Package, any material
 adverse change in the </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>condition, financial or otherwise, or in the earnings, business
 affairs or business prospects of the Company and its subsidiaries considered
 as one enterprise, whether or not arising in the ordinary course of business,
 and the Representatives shall have received a certificate of the chief
 executive officer of the Company and of the chief financial officer of the
 Company, dated as of Closing Time, to the effect that (i) there has been no
 such material adverse change, (ii) the representations and warranties in Section
 1(a) hereof are true and correct with the same force and effect as though
 expressly made at and as of Closing Time, (iii) the Company has complied with
 all agreements and satisfied all conditions on its part to be performed or
 satisfied at or prior to Closing Time, and (iv) no stop order suspending the
 effectiveness of the Registration Statement under the 1933 Act, no order
 preventing the use of the Preliminary Prospectus or the Prospectus has been
 issued and no proceedings for those purposes have been instituted or are
 pending or, to their knowledge, contemplated. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <I>Manager Side Letter and Officer&#146;s Certificate</I>.
 At the time of the execution of this Agreement, the Representatives shall
 have received a side letter (the &#147;Manager Side Letter&#148;) signed by the chief
 executive officer of the Manager, dated as of such date, substantially in the
 form attached hereto as Exhibit F. At the Closing Time, the Representatives
 shall have received a certificate of the chief executive officer of the Manager,
 dated as of the Closing Time, to the effect that the representations and
 warranties of the Manager set forth in the Manager Side Letter are true and
 correct with the same force and effect as though expressly made at and as of
 Closing Time. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <I>Accountant&#146;s Comfort Letter</I>. At the time
 of the execution of this Agreement, the Representatives shall have received
 from Deloitte Hadjipavlou, Sofianos &amp; Cambanis S.A. (&#147;Deloitte&#148;) a letter
 dated such date, in form and substance satisfactory to the Representatives,
 together with signed or reproduced copies of such letter for each of the
 other Underwriters containing statements and information of the type
 ordinarily included in accountants&#146; &#147;comfort letters&#148; to underwriters with
 respect to the financial statements and certain financial information
 contained in the Registration Statement, the General Disclosure Package and
 the Prospectus. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <I>Bring-down Comfort Letter</I>. At Closing
 Time, the Representatives shall have received from Deloitte a letter, dated
 as of Closing Time, to the effect that they reaffirm the statements made in
 the letter furnished pursuant to subsection (j) of this Section, except that
 the specified date referred to shall be a date not more than three business days
 prior to the Closing Time. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <I>Approval of Listing</I>. At Closing Time,
 the Securities shall have been approved for listing on the New York Stock
 Exchange, subject only to official notice of issuance. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <I>No Objection</I>. FINRA has confirmed that
 it has not raised any objection with respect to the fairness and
 reasonableness of the underwriting terms and arrangements. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <I>Lock-up Agreements</I>. At the date of this
 Agreement, the Representatives shall have received an agreement substantially
 in the form of Exhibit G hereto signed by the persons listed on Schedule E
 hereto. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <I>Conditions to Purchase of Option Securities</I>.
 In the event that the Underwriters exercise their option provided in Section
 2(b) hereof to purchase all or any portion of the Option Securities, the
 representations and warranties of the Company contained herein and the
 statements in any certificates furnished by the Company or any Subsidiary of
 the Company </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>22</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>hereunder shall be true and correct as of each Date of Delivery and,
 at the relevant Date of Delivery, the Representatives shall have received: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>(i) <U>Company Officers&#146; Certificates</U>. A certificate, dated such
 Date of Delivery, of the chief executive officer of the Company and of the
 chief financial officer of the Company confirming that the certificate
 delivered at the Closing Time pursuant to Section 5(h) hereof remains true
 and correct as of such Date of Delivery. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>(ii) <U>Manager Officer&#146;s Certificate</U>. A certificate, dated such
 Date of Delivery, of the chief executive officer of the Manager confirming
 that the certificate delivered at the Closing Time pursuant to Section 5(i)
 hereof remains true and correct as of such Date of Delivery. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>(iii) <U>Opinion of Counsel for Company</U>. The favorable opinion of
 Kirkland &amp; Ellis LLP, special U.S. counsel for the Company, together with
 the favorable opinion of Cozen O&#146;Connor, special counsel for the Company on
 issues of Marshall Islands law, Cozen O&#146;Connor, special counsel for the
 Company on issues of Liberia law, L. Papaphilippou &amp; Co., special Cypriot
 counsel for the Company, Kyriakidis, Georgopoulos, Daniolos, and Issaias,
 special Greek counsel for the Company, each in form and substance
 satisfactory to counsel for the Underwriters, dated such Date of Delivery,
 relating to the Option Securities to be purchased on such Date of Delivery
 and otherwise to the same effect as the opinion required by Sections 5(b)
 through 5(f) hereof. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>(iv) <U>Opinion of Counsel for Underwriters</U>. The favorable
 opinion of Morgan, Lewis &amp; Bockius LLP, counsel for the Underwriters,
 dated such Date of Delivery, relating to the Option Securities to be
 purchased on such Date of Delivery and otherwise to the same effect as the
 opinion required by Section 5(g) hereof. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>(vi) <U>Bring-down Comfort Letter</U>. A letter from Deloitte, in
 form and substance satisfactory to the Representatives and dated such Date of
 Delivery, substantially in the same form and substance as the letter
 furnished to the Representatives pursuant to Section 5(k) hereof, except that
 the &#147;specified date&#148; in the letter furnished pursuant to this paragraph shall
 be a date not more than three business days prior to such Date of Delivery. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <I>Additional Documents</I>. At Closing Time
 and at each Date of Delivery, counsel for the Underwriters shall have been
 furnished with such documents and opinions as they may require for the
 purpose of enabling them to pass upon the issuance and sale of the Securities
 as herein contemplated, or in order to evidence the accuracy of any of the
 representations or warranties, or the fulfillment of any of the conditions,
 herein contained; and all proceedings taken by the Company in connection with
 the issuance and sale of the Securities as herein contemplated shall be
 satisfactory in form and substance to the Representatives and counsel for the
 Underwriters. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <I>Termination of Agreement</I>. If any
 condition specified in this Section shall not have been fulfilled when and as
 required to be fulfilled, this Agreement, or, in the case of any condition to
 the purchase of Option Securities, on a Date of Delivery which is after the
 Closing Time, the obligations of the several Underwriters to purchase the
 relevant Option Securities, may be terminated by the Representatives by
 notice to the Company at any time at or prior to Closing Time or such Date of
 Delivery, as the case may be, and such termination shall be without </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>23</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>liability of
 any party to any other party except as provided in Section 4 and except that
 Sections 1, 6, 7, 8, 16 and 17 shall survive any such termination and remain
 in full force and effect. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>SECTION 6. <U>Indemnification</U>.
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Indemnification of Underwriters</I>. The
 Company agrees to indemnify and hold harmless each Underwriter, its
 affiliates, as such term is defined in Rule 501(b) under the 1933 Act (each,
 an &#147;Affiliate&#148;), its selling agents and each person, if any, who controls any
 Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of
 the 1934 Act as follows: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 against any and all loss, liability, claim, damage and expense whatsoever, as
 incurred, arising out of any untrue statement or alleged untrue statement of
 a material fact contained in the Registration Statement (or any amendment
 thereto), including the Rule 430B Information, or the omission or alleged
 omission therefrom of a material fact required to be stated therein or
 necessary to make the statements therein not misleading or arising out of any
 untrue statement or alleged untrue statement of a material fact included in
 any preliminary prospectus, any Issuer Free Writing Prospectus or the
 Prospectus (or any amendment or supplement thereto), or the omission or
 alleged omission therefrom of a material fact necessary in order to make the
 statements therein, in the light of the circumstances under which they were
 made, not misleading; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 against any and all loss, liability, claim, damage and expense whatsoever, as
 incurred, to the extent of the aggregate amount paid in settlement of any
 litigation, or any investigation or proceeding by any governmental agency or
 body, commenced or threatened, or of any claim whatsoever based upon any such
 untrue statement or omission, or any such alleged untrue statement or
 omission; provided that (subject to Section 6(d) below) any such settlement
 is effected with the written consent of the Company; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 against any and all expense whatsoever, as incurred (including the fees and
 disbursements of counsel chosen by the Representatives), reasonably incurred
 in investigating, preparing or defending against any litigation, or any
 investigation or proceeding by any governmental agency or body, commenced or
 threatened, or any claim whatsoever based upon any such untrue statement or
 omission, or any such alleged untrue statement or omission, to the extent
 that any such expense is not paid under (i) or (ii) above; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><U>provided</U>, <U>however</U>, that this
 indemnity agreement shall not apply to any loss, liability, claim, damage or
 expense to the extent arising out of any untrue statement or omission or
 alleged untrue statement or omission made in the Registration Statement (or
 any amendment thereto), including the Rule 430B Information, any preliminary
 prospectus, the Prospectus (or any amendment or supplement thereto) or any
 Issuer Free Writing Prospectus in reliance upon and in conformity with the
 Underwriter Information </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Indemnification of Company, Directors and Officers</I>.
 Each Underwriter severally agrees to indemnify and hold harmless the Company,
 its directors, each of its officers who signed the Registration Statement,
 and each person, if any, who controls the Company within the meaning of
 Section 15 of the 1933 Act or Section 20 of the 1934 Act against any and all
 loss, liability, claim, damage and expense described in the indemnity
 contained in subsection (a) of this Section, as incurred, but only with
 respect to untrue statements or omissions, or alleged untrue statements or
 omissions, made in the Registration Statement (or any amendment thereto),
 including the Rule 430B Information or any preliminary prospectus, any Issuer
 Free Writing Prospectus or the Prospectus (or any amendment or supplement
 thereto) in reliance upon and in conformity with the Underwriter Information
 furnished to the Company by such Underwriter through the Representatives
 expressly for use therein. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>24</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Actions against Parties; Notification</I>.
Each indemnified party shall give notice as promptly as reasonably practicable
to each indemnifying party of any action commenced against it in respect of
which indemnity may be sought hereunder, but failure to so notify an
indemnifying party shall not relieve such indemnifying party from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and
in any event shall not relieve it from any liability which it may have
otherwise than on account of this indemnity agreement. In the case of parties
indemnified pursuant to Section 6(a) above, counsel to the indemnified parties
shall be selected by the Representatives, and, in the case of parties
indemnified pursuant to Section 6(b) above, counsel to the indemnified parties
shall be selected by the Company. An indemnifying party may participate at its
own expense in the defense of any such action; <U>provided</U>, <U>however</U>,
that counsel to the indemnifying party shall not (except with the consent of
the indemnified party) also be counsel to the indemnified party. In no event
shall the indemnifying parties be liable for fees and expenses of more than one
counsel (in addition to any local counsel) separate from their own counsel for
all indemnified parties in connection with any one action or separate but
similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances. No indemnifying party shall, without the
prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever in respect of which indemnification or
contribution could be sought under this Section 6 or Section 7 hereof (whether
or not the indemnified parties are actual or potential parties thereto), unless
such settlement, compromise or consent (i) includes an unconditional release of
each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of
any indemnified party. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Settlement without Consent if Failure to Reimburse</I>.
If at any time an indemnified party shall have requested an indemnifying party
to reimburse the indemnified party for fees and expenses of counsel, such
indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section 6(a)(ii) effected without its written consent if
(i) such settlement is entered into more than 60 days after receipt by such
indemnifying party of the aforesaid request, (ii) such indemnifying party shall
have received notice of the terms of such settlement at least 45 days prior to
such settlement being entered into and (iii) such indemnifying party shall not
have reimbursed such indemnified party in accordance with such request prior to
the date of such settlement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7. <U>Contribution</U>.
If the indemnification provided for in Section 6 hereof is for any reason
unavailable to or insufficient to hold harmless an indemnified party in respect
of any losses, liabilities, claims, damages or expenses referred to therein,
then each indemnifying party shall contribute to the aggregate amount of such losses,
liabilities, claims, damages and expenses incurred by such indemnified party,
as incurred, (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company on the one hand and the Underwriters on the
other hand from the offering of the Securities pursuant to this Agreement or
(ii) if the allocation provided by clause (i) is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the
Company on the one hand and of the Underwriters on the other hand in connection
with the statements or omissions, which resulted in such losses, liabilities,
claims, damages or expenses, as well as any other relevant equitable
considerations. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
relative benefits received by the Company on the one hand and the Underwriters
on the other hand in connection with the offering of the Securities pursuant to
this Agreement shall be deemed to be in the same respective proportions as the
total net proceeds from the offering of the Securities pursuant to this
Agreement (before deducting expenses) received by the Company and the total
underwriting discount received by the Underwriters, in each case as set forth
on the cover of the Prospectus bear to the aggregate initial public offering
price of the Securities as set forth on the cover of the Prospectus. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>25</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
relative fault of the Company on the one hand and the Underwriters on the other
hand shall be determined by reference to, among other things, whether any such
untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information supplied by the
Company or by the Underwriters and the parties&#146; relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission<B>.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
and the Underwriters agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation
(even if the Underwriters were treated as one entity for such purpose) or by
any other method of allocation which does not take account of the equitable
considerations referred to above in this Section 7. The aggregate amount of
losses, liabilities, claims, damages and expenses incurred by an indemnified
party and referred to above in this Section 7 shall be deemed to include any
legal or other expenses reasonably incurred by such indemnified party in
investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged
untrue statement or omission or alleged omission. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of this Section 7, no Underwriter shall be required to
contribute any amount in excess of the amount by which the total price at which
the Securities underwritten by it and distributed to the public were offered to
the public exceeds the amount of any damages which such Underwriter has
otherwise been required to pay by reason of any such untrue or alleged untrue
statement or omission or alleged omission. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the 1933 Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section 7, each person, if any, who controls an Underwriter
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
and each Underwriter&#146;s Affiliates and selling agents shall have the same rights
to contribution as such Underwriter, and each director of the Company, each
officer of the Company who signed the Registration Statement, and each person,
if any, who controls the Company within the meaning of Section 15 of the 1933
Act or Section 20 of the 1934 Act shall have the same rights to contribution as
the Company. The Underwriters&#146; respective obligations to contribute pursuant to
this Section 7 are several in proportion to the number of Initial Securities
set forth opposite their respective names in Schedule A hereto and not joint. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8. <U>Representations,
Warranties and Agreements to Survive</U>. All representations, warranties and
agreements contained in this Agreement or in certificates of officers of the
Company, the Manager or any Subsidiary submitted pursuant hereto, shall remain
operative and in full force and effect regardless of (i) any investigation made
by or on behalf of any Underwriter or its Affiliates or selling agents, any
person controlling any Underwriter, its officers or directors or any person
controlling the Company and (ii) delivery of and payment for the Securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9. <U>Termination of Agreement</U>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Termination; General</I>. The Representatives
may terminate this Agreement, by notice to the Company, at any time at or prior
to Closing Time (i) if there has been, since the time of execution of this
Agreement or since the respective dates as of which information is given in the
Prospectus or the General Disclosure Package, any material adverse change in
the condition, financial or otherwise, or in the earnings, business affairs or
business prospects of the Company and its subsidiaries considered as one
enterprise, whether or not arising in the ordinary course of business, or (ii)
if there has occurred any material adverse change in the financial markets in
the United States or the international financial </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>26</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>markets, any outbreak of hostilities or escalation thereof or other
calamity or crisis or any change or development involving a prospective change
in national or international political, financial or economic conditions, in
each case the effect of which is such as to make it, in the judgment of the
Representatives, impracticable or inadvisable to market the Securities or to
enforce contracts for the sale of the Securities, or (iii) if trading in any
securities of the Company has been suspended or materially limited by the
Commission or the New York Stock Exchange, or if trading generally on the
American Stock Exchange or the New York Stock Exchange or in the Nasdaq Stock
Market has been suspended or materially limited, or minimum or maximum prices
for trading have been fixed, or maximum ranges for prices have been required,
by any of said exchanges or by such system or by order of the Commission, FINRA
or any other governmental authority, or (iv) a material disruption has occurred
in commercial banking or securities settlement or clearance services in the
United States, or (v) if a banking moratorium has been declared by either
Federal or New York authorities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Liabilities</I>. If this Agreement is
terminated pursuant to this Section, such termination shall be without
liability of any party to any other party except as provided in Section 4
hereof, and provided further that Sections 1, 6, 7, 8, 16 and 17 shall survive
such termination and remain in full force and effect. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.
<U>Default by One or More of the Underwriters</U>. If one or more of the
Underwriters shall fail at Closing Time or a Date of Delivery to purchase the
Securities which it or they are obligated to purchase under this Agreement (the
&#147;Defaulted Securities&#148;), the Representatives shall have the right, within 24
hours thereafter, to make arrangements for one or more of the non-defaulting
Underwriters, or any other underwriters, to purchase all, but not less than
all, of the Defaulted Securities in such amounts as may be agreed upon and upon
the terms herein set forth; if, however, the Representatives shall not have
completed such arrangements within such 24-hour period, then: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the number of Defaulted Securities does not exceed 10% of the number of
 Securities to be purchased on such date, each of the non-defaulting
 Underwriters shall be obligated, severally and not jointly, to purchase the
 full amount thereof in the proportions that their respective underwriting
 obligations hereunder bear to the underwriting obligations of all
 non-defaulting Underwriters, or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the number of Defaulted Securities exceeds 10% of the number of Securities to
 be purchased on such date, this Agreement or, with respect to any Date of
 Delivery which occurs after the Closing Time, the obligation of the
 Underwriters to purchase and of the Company to sell the Option Securities to
 be purchased and sold on such Date of Delivery shall terminate without
 liability on the part of any non-defaulting Underwriter. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No action
taken pursuant to this Section shall relieve any defaulting Underwriter from
liability in respect of its default. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the
event of any such default which does not result in a termination of this
Agreement or, in the case of a Date of Delivery which is after the Closing
Time, which does not result in a termination of the obligation of the
Underwriters to purchase and the Company to sell the relevant Option
Securities, as the case may be, either the Representatives or the Company shall
have the right to postpone Closing Time or the relevant Date of Delivery, as
the case may be, for a period not exceeding seven days in order to effect any
required changes in the Registration Statement, the General Disclosure Package
or Prospectus or in any other documents or arrangements. As used herein, the
term &#147;Underwriter&#148; includes any person substituted for an Underwriter under
this Section 10. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>27</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.
<U>Tax Disclosure</U>. Notwithstanding any other provision of this Agreement,
from the commencement of discussions with respect to the transactions
contemplated hereby, the Company (and each employee, representative or other
agent of the Company) may disclose to any and all persons, without limitation
of any kind, the tax treatment and tax structure (as such terms are used in
Sections 6011, 6111 and 6112 of the U.S. Code and the Treasury Regulations
promulgated thereunder) of the transactions contemplated by this Agreement and
all materials of any kind (including opinions or other tax analyses) that are
provided relating to such tax treatment and tax structure. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.
<U>Notices</U>. All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given if mailed or transmitted by
any standard form of telecommunication. Notices to the Underwriters shall be
directed to the Representatives, (i) Morgan Stanley &amp; Co. Incorporated,
1585 Broadway, New York, New York 10036, Attention: Equity Syndicate Desk, with
a copy to the Legal Department and (ii) Merrill Lynch at One Bryant Park, New
York, New York 10036, attention of Syndicate Department, with a copy to ECM
Legal, and notices to the Company shall be directed to it at 32 Avenue
Karamanli, P.O. Box 70837, 16605 Voula, Athens, Greece, attention of Polys
Hajioannou. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.
<U>No Advisory or Fiduciary Relationship</U>. The Company acknowledges and
agrees that (a) the purchase and sale of the Securities pursuant to this
Agreement, including the determination of the public offering price of the Securities
and any related discounts and commissions, is an arm&#146;s-length commercial
transaction between the Company, on the one hand, and the several Underwriters,
on the other hand, (b) in connection with the offering contemplated hereby and
the process leading to such transaction each Underwriter is and has been acting
solely as a principal and is not the agent or fiduciary of the Company, or its
stockholders, creditors, employees or any other party, (c) no Underwriter has
assumed or will assume an advisory or fiduciary responsibility in favor of the
Company with respect to the offering contemplated hereby or the process leading
thereto (irrespective of whether such Underwriter has advised or is currently
advising the Company on other matters) and no Underwriter has any obligation to
the Company with respect to the offering contemplated hereby except the
obligations expressly set forth in this Agreement, (d) the Underwriters and
their respective affiliates may be engaged in a broad range of transactions
that involve interests that differ from those of the Company, and (e) the
Underwriters have not provided any legal, accounting, regulatory or tax advice
with respect to the offering contemplated hereby and the Company has consulted
its own legal, accounting, regulatory and tax advisors to the extent it deemed
appropriate. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.
<U>Integration</U>. This Agreement supersedes all prior agreements and
understandings (whether written or oral) between the Company and the
Underwriters, or any of them, with respect to the subject matter hereof. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 15.
<U>Parties</U>. This Agreement shall each inure to the benefit of and be
binding upon the Underwriters and the Company and their respective successors.
Nothing expressed or mentioned in this Agreement is intended or shall be
construed to give any person, firm or corporation, other than the Underwriters
and the Company and their respective successors and the controlling persons and
officers and directors referred to in Sections 6 and 7 and their heirs and legal
representatives, any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision herein contained. This Agreement and
all conditions and provisions hereof are intended to be for the sole and
exclusive benefit of the Underwriters and the Company and their respective
successors, and said controlling persons and officers and directors and their
heirs and legal representatives, and for the benefit of no other person, firm
or corporation. No purchaser of Securities from any Underwriter shall be deemed
to be a successor by reason merely of such purchase. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>28</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 16.
<U>Jurisdiction</U>. The Company agrees that any suit, action or proceeding
against the Company brought by any Underwriter, the directors, officers, employees
and agents of any Underwriter, or by any person who controls any Underwriter,
arising out of or based upon this Agreement or the transactions contemplated
hereby may be instituted in any court located in the City and County of New
York (a &#147;New York Court&#148;), and waives any objection which it may now or
hereafter have to the laying of venue of any such proceeding, and irrevocably
submits to the non-exclusive jurisdiction of such courts in any suit, action or
proceeding. The Company has appointed CT Corporation, as its authorized agent
(the &#147;Authorized Agent&#148;) upon whom process may be served in any suit, action or
proceeding arising out of or based upon this Agreement or the transactions
contemplated herein which may be instituted in any New York Court, by any
Underwriter, the directors, officers, employees and agents of any Underwriter,
or by any person who controls any Underwriter, and expressly accepts the
non-exclusive jurisdiction of any such court in respect of any such suit,
action or proceeding. The Company hereby represents and warrants that the
Authorized Agent has accepted such appointment and has agreed to act as said
agent for service of process, and the Company agrees to take any and all
action, including the filing of any and all documents that may be necessary to
continue such appointment in full force and effect as aforesaid. Service of
process upon the Authorized Agent shall be deemed, in every respect, effective
service of process upon the Company. Notwithstanding the foregoing, any action
arising out of or based upon this Agreement may be instituted by any
Underwriter, the directors, officers, employees and agents of any Underwriter,
or by any person who controls any Underwriter, in any court of competent
jurisdiction in the Republic of the Marshall Islands. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Section 16 shall survive any termination of this Agreement,
in whole or in part. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 17.
<U>Trial by Jury</U>. The Company (on its behalf and, to the extent permitted
by applicable law, on behalf of its stockholders and affiliates) and each of
the Underwriters hereby irrevocably waives, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated
hereby. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 18.
<U>GOVERNING LAW</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 19.
<U>TIME</U>. TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS
OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 20.
<U>Partial Unenforceability</U>. The invalidity or unenforceability of any
Section, paragraph or provision of this Agreement shall not affect the validity
or enforceability of any other Section, paragraph or provision hereof. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 21.
<U>Counterparts</U>. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 22.
<U>Effect of Headings</U>. The Section headings herein are for convenience only
and shall not affect the construction hereof. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>29</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the
foregoing is in accordance with your understanding of our agreement, please
sign and return to the Company a counterpart hereof, whereupon this instrument,
along with all counterparts, will become a binding agreement between the
Underwriters and the Company in accordance with its terms. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="46%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Very truly
 yours,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>SAFE
 BULKERS, INC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="47%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="47%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>CONFIRMED
 AND ACCEPTED,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
 of the date first above written:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>MORGAN
 STANLEY &amp; CO. INCORPORATED</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>MERRILL
 LYNCH, PIERCE, FENNER &amp; SMITH</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P style="text-indent:26.05mm"><FONT SIZE=2>INCORPORATED</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>By: MORGAN
 STANLEY &amp; CO. INCORPORATED</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Authorized Signatory</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>By: MERRILL
 LYNCH, PIERCE, FENNER &amp; SMITH</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P style="text-indent:32.05mm"><FONT SIZE=2>INCORPORATED</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Authorized Signatory</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>For themselves
and as Representatives of the other Underwriters named in Schedule A hereto. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>30</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2>SCHEDULE A</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="84%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Name of Underwriter</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Number of<BR>
 Initial<BR>
 Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Morgan
 Stanley &amp; Co. Incorporated</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Merrill
 Lynch, Pierce, Fenner &amp; Smith</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=BOTTOM>
 <P style="text-indent:18.2mm"><FONT SIZE=2>Incorporated</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Evercore
 Partners Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>Sch A-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2>SCHEDULE B</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><U>Pricing Terms</U></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>The Company is selling 5,000,000 shares of Common Stock. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>The Company has granted an option to the Underwriters, severally and
 not jointly, to purchase up to an additional 750,000 shares of Common Stock.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>3.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>The initial public offering price per share for the Securities is
 $8.40. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>Sch B-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2>SCHEDULE C</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Safe Bulkers, Inc.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5,000,000 Shares of Common Stock</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
initial public offering price per share for the Securities, determined as
provided in said Section 2, shall be $8.40. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
purchase price per share for the Securities to be paid by the several
Underwriters shall be $7.98, being an amount equal to the initial public offering
price set forth above less $0.42 per share; provided that the purchase price
per share for any Option Securities purchased upon the exercise of the option
to purchase additional shares described in Section 2(b) shall be reduced by an
amount per share equal to any dividends or distributions declared by the
Company and payable on the Initial Securities but not payable on the Option
Securities. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Sch C-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2>SCHEDULE D</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>None</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Sch D-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2>SCHEDULE E</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>List of
persons and entities<BR>
subject to lock-up</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Polys
 Hajioannou</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Dr. Loukas
 Barmparis</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Konstantinos
 Adamopoulos</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ioannis
 Foteinos</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>John Gaffney</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Frank Sica</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ole Wikborg</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vorini
 Holdings Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>Sch E-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2>SCHEDULE F-1</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="22%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="38%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Vessel Name</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Owning Entity</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Jurisdiction of<BR>
 Incorporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Jurisdiction of<BR>
 Registration</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maria</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Marindou
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Vassos</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Avstes
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Katerina</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Kerasies
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maritsa</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Marathassa
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Pedhoulas
 Merchant</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Pemer
 Shipping Ltd.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Pedhoulas
 Trader</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Petra
 Shipping Ltd.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Pedhoulas
 Leader</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Pelea
 Shipping Ltd.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Stalo</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Staloudi
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Marina</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Marinouki
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Sophia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Soffive
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Eleni</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Eniaprohi
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Martine</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Eniadefhi
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Andreas K</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maxdodeka
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Panayiota K</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maxdekatria
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Venus
 Heritage</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maxdeka
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Kanaris</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maxpente
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Marshall
 Islands</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>SCHEDULE F-2</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="22%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="38%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Vessel Name</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Owning Entity(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Jurisdiction of<BR>
 Incorporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Intended<BR>
 Jurisdiction of<BR>
 Registration</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TBN - H1074</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Eptaprohi
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Marshall
 Islands</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TBN - H 1579</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Shikoku
 Friendship Shipping Company</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TBN - H 616</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maxeikosi
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TBN - H 631</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maxeikositria
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TBN - H 1594</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maxenteka
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TBN - H 617</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maxeikosiena
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TBN - H 131</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maxeikosipente
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Marshall
 Islands</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TBN - H 1154</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Efragel
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TBN - H 804</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Maxeikositessera
 Shipping Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Liberia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TBN - S1659</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Shikokutessera
 Shipping Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Marshall
 Islands</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TBN - S1660</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Shikokupente
 Shipping Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Marshall
 Islands</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cyprus</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Entity has
 contracted to acquire the vessel but is not currently the holder of legal
 title. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>Sch F-1</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>EXHIBIT F</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>FORM OF MANAGER SIDE LETTER TO BE DELIVERED
PURSUANT TO SECTION 5(i)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>_ ___, 2011</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
Section 5(i) of the Purchase Agreement, dated ___, 2011 (the &#147;<U>Purchase
Agreement</U>&#148;), by and among Safe Bulkers, Inc. and Morgan Stanley &amp; Co.
Incorporated and Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, as
representatives (the &#147;<U>Representatives</U>&#148;) of the several underwriters
named therein (the &#147;<U>Underwriters</U>&#148;), Safety Management Overseas S.A. (the
&#147;<U>Manager</U>&#148;) hereby delivers this side letter (the &#147;<U>Manager Side Letter</U>&#148;)
to the Underwriters on the date first written above. Capitalized terms used
herein but not defined herein shall have the meanings given to them in the
Purchase Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1. <U>Representations
and Warranties</U>. The Manager represents and warrants to each Underwriter as
of the date hereof, the Applicable Time referred to in the Purchase Agreement,
as of the Closing Time referred to in Section 2(c) of the Purchase Agreement,
and as of each Date of Delivery (if any) referred to in Section 2(b) of the
Purchase Agreement, and agrees with each Underwriter, as follows: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Good Standing of Manager</I>. The Manager has
been duly organized and is validly existing as a corporation in good standing
under the laws of the Republic of Panama and has corporate power and authority
to own, lease and operate its properties and to conduct its business as
described in the Registration Statement, the General Disclosure Package and the
Prospectus and to enter into this Manager Side Letter; and the Manager is duly
qualified as a foreign corporation to transact business and is in good standing
in each other jurisdiction in which such qualification is required, whether by
reason of the ownership or leasing of property or the conduct of business,
except where the failure so to qualify or to be in good standing would not
result in a material adverse change in the condition, financial or otherwise,
or in the earnings, business affairs or business prospects of the Manager,
whether or not arising in the ordinary course of business (a &#147;<U>Material
Adverse Effect</U>&#148;). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Authorization of Manager Side Letter</I>. This
Manager Side Letter has been duly executed and delivered by the Manager. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Absence of Defaults and Conflicts</I>. The
Manager is not in violation of its charter or bylaws or in default in the
performance or observance of any obligation, agreement, covenant or condition
contained in any contract, indenture, mortgage, deed of trust, loan or credit
agreement, note, lease or other agreement or instrument to which the Manager is
a party or by which it may be bound, or to which any of the property or assets
of the Manager is subject (collectively, the &#147;<U>Agreements and Instruments</U>&#148;)
except for such violations or defaults that would not result in a Material
Adverse Effect; and the execution, delivery and performance of this Manager
Side Letter and the Management Agreement have been duly authorized by all
necessary corporate action and do not and will not, whether with or without the
giving of notice or passage of time or both, (A) result in any violation of the
provisions of the charter or by-laws of the Manager, or (B) conflict with or
constitute a breach of, or default or Repayment Event under, or result in the
creation or imposition of any lien, charge or encumbrance upon any property or
assets of the Manager pursuant to, the Agreements and Instruments (except for
such conflicts, breaches, defaults or Repayment Events or liens, charges or
encumbrances that would not result in a Material Adverse Effect), or result in
any violation of any decree of any government, government instrumentality or
court, domestic or foreign, having jurisdiction over the Manager or any of its
assets, properties or operations except for such violations that would not
result in a Material Adverse Effect. As used herein, a &#147;<U>Repayment Event</U>&#148;
</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>F-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>means any event or condition which gives the holder of any note,
debenture or other evidence of indebtedness (or any person acting on such
holder&#146;s behalf) the right to require the repurchase, redemption or repayment
of all or a portion of such indebtedness by the Manager. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Absence of Labor Dispute</I>. No labor dispute
with the employees of the Manager or the Manager&#146;s affiliates exists or, to the
knowledge of the Manager, is imminent, and the Manager is not aware of any
existing or imminent labor disturbance by its employees or any of its principal
suppliers, manufacturers, customers or contractors, which would result in a
Material Adverse Effect. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <I>Absence of Proceedings</I>. There is no
action, suit, proceeding, inquiry or investigation before or brought by any
court or governmental agency or body, domestic or foreign, now pending, or, to
the knowledge of the Manager, threatened, against or affecting the Manager,
which could reasonably be expected to result in a Material Adverse Effect, or
which could reasonably be expected to materially and adversely affect the
properties or assets thereof or the consummation of the transactions
contemplated in the Management Agreement or the performance by the Manager of
its obligations thereunder; the aggregate of all pending legal or governmental
proceedings to which the Manager is a party or of which any of its property or
assets is the subject which are not described in the Registration Statement,
the General Disclosure Package and the Prospectus, including ordinary routine
litigation incidental to the business, would not result in a Material Adverse
Effect. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <I>Possession of Intellectual Property</I>.
Except as would not cause a Material Adverse Effect, the Manager owns or
possesses, or can acquire on reasonable terms, adequate Intellectual Property necessary
to carry on the business now operated by it in any material respect, and the
Manager has not received any notice or is otherwise aware of any infringement
of or conflict with asserted rights of others with respect to any Intellectual
Property or of any facts or circumstances which would render any Intellectual
Property invalid or inadequate to protect its interest therein, and which
infringement or conflict (in the case of any unfavorable decision, ruling or
finding) or invalidity or inadequacy, singly or in the aggregate, would result
in a Material Adverse Effect. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <I>Possession of Licenses and Permits</I>. The
Manager possesses the Governmental Licenses issued by Governmental Authorities
necessary to conduct the business now operated by it, except where the failure
so to possess would not, singly or in the aggregate, result in a Material
Adverse Effect; the Manager is in compliance with the terms and conditions of
all such Governmental Licenses, except where the failure so to comply would not,
singly or in the aggregate, result in a Material Adverse Effect; all of the
Governmental Licenses are valid and in full force and effect, except when the
invalidity of such Governmental Licenses or the failure of such Governmental
Licenses to be in full force and effect would not, singly or in the aggregate,
result in a Material Adverse Effect; and the Manager has not received any
notice of proceedings relating to the revocation or modification of any such
Governmental Licenses which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling or finding, would result in a Material Adverse
Effect. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <I>Title to Property</I>. The Manager has good
and marketable title to all real property owned by it and good title to all
other properties owned by it free and clear of all mortgages, pledges, liens,
security interests, claims, restrictions or encumbrances of any kind except as
would not, singly or in the aggregate, result in a Material Adverse Effect; and
all of the leases and subleases material to the business of the Manager, and
under which the Manager holds or will, as of the Closing Time, hold properties
described in the Registration Statement, the General Disclosure Package and the
Prospectus, are in full force and effect, and the Manager has not received any
notice of any material claim of any sort that has been asserted by anyone
adverse to the rights of the Manager under any of the leases or subleases
mentioned above, or affecting or questioning the rights of the Manager to the continued
possession of the leased or subleased premises under any such lease or
sublease. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>F-2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <I>Compliance
with Environmental Laws</I>. (i)&nbsp;The Manager is not in violation of
any Environmental Laws, nor has it received any written communication, whether
from a Governmental Authority, citizens group, employee or otherwise, that
alleges that it is in violation of any Environmental Law or Governmental
License required pursuant to Environmental Laws, except as would not,
individually or in the aggregate, have a Material Adverse Effect;
(ii)&nbsp;there is no claim, action or cause of action filed with a court or
Governmental Authority and no investigation, or other action with respect to
which the Manager has received written notice alleging potential liability for
investigatory costs, cleanup costs, governmental response costs, natural
resources damages, property damages, personal injuries, attorneys&#146; fees or
penalties arising out of, based on or resulting from the presence, or release
into the environment, of any Material of Environmental Concern at any location
owned, leased or operated by the Manager, now or in the past, or from any
vessel owned, leased, managed or operated by the Manager, now or in the past
(collectively, &#147;<U>Environmental Claim</U>&#148;), pending or, to the knowledge of
the Manager, threatened against the Manager or any person or entity whose
liability for any Environmental Claim the Manager has retained or assumed
either contractually or by operation of law, except as would not, individually
or in the aggregate, have a Material Adverse Effect; (iii)&nbsp;to the
knowledge of the Manager, there are no past or present actions, activities,
circumstances, conditions, events or incidents, including, without limitation,
the release, emission, discharge, presence or disposal of any Material of
Environmental Concern, that reasonably would be expected to result in a
violation of any Environmental Law, require expenditures to be incurred
pursuant to Environmental Law, or form the basis of an Environmental Claim
against the Manager or against any person or entity whose liability for any
Environmental Claim the Manager has retained or assumed either contractually or
by operation of law, except as would not, individually or in the aggregate,
have a Material Adverse Effect; and (iv)&nbsp;the Manager is not subject to any
pending proceeding under Environmental Law to which a Governmental Authority is
a party and which the Manager reasonably believes is likely to result in
monetary sanctions of $100,000 or more.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <I>Accounting
Controls</I>. The Manager maintains a system of internal accounting
controls sufficient to provide reasonable assurances that (A)&nbsp;transactions
are executed in accordance with management&#146;s general or specific authorization;
(B)&nbsp;transactions are recorded as necessary to permit preparation of
financial statements in conformity with GAAP and to maintain accountability for
assets; (C)&nbsp;access to assets is permitted only in accordance with
management&#146;s general or specific authorization; and (D)&nbsp;the recorded
accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <I>Foreign
Corrupt Practices</I>. Neither the Manager nor any of its subsidiaries
or affiliates, nor any director, officer, or employee, nor, to the Manager&#146;s
knowledge, any agent or representative of the Manager or of any of its
subsidiaries or affiliates, has taken or will take any action in furtherance of
an offer, payment, promise to pay, or authorization or approval of the payment
or giving of money, property, gifts or anything else of value, directly or
indirectly, to any &#147;government official&#148; (including any officer or employee of
a government or government-owned or controlled entity or of a public
international organization, or any person acting in an official capacity for or
on behalf of any of the foregoing, or any political party or party official or
candidate for political office) to influence official action or secure an
improper advantage; and the Manager and its subsidiaries and affiliates have
conducted their businesses in compliance with applicable anti-corruption laws
and have instituted and maintain and will continue to maintain policies and
procedures designed to promote and achieve compliance with such laws and with
the representation and warranty contained herein.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <I>Money
Laundering Laws</I>. The operations of the Manager and its subsidiaries
are and have been conducted at all times in material compliance with all
applicable financial recordkeeping and reporting requirements, including those
of the Bank Secrecy Act, as amended by Title III of the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>F-3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering
statutes of jurisdictions where the Manager and its subsidiaries conduct
business, the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the &#147;Anti-Money Laundering Laws&#148;), and no
action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Manager or any of its
subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to
the best knowledge of the Manager, threatened.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <I>OFAC</I>.
(i) Neither the Manager nor any of its subsidiaries, nor any director or
officer thereof, nor, to the Manager&#146;s knowledge, any employee, agent,
affiliate or representative of the Manager or any of its subsidiaries, is an
individual or entity (&#147;Person&#148;) that is, or is owned or controlled by a Person
that is (A) the subject of any sanctions administered or enforced by the U.S.
Department of Treasury&#146;s Office of Foreign Assets Control (&#147;OFAC&#148;), the United
Nations Security Council (&#147;UNSC&#148;), the European Union (&#147;EU&#148;), Her Majesty&#146;s
Treasury (&#147;HMT&#148;) (collectively, &#147;Sanctions&#148;), nor (B) located, organized or
resident in Burma/Myanmar, Cuba, Iran, Libya, North Korea, Sudan and Syria.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
The Manager will not, directly or indirectly, use the proceeds of the offering,
or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other Person to fund or facilitate any
activities or business of any Person or in any country or territory that, at
the time of such funding or facilitation, is the subject of Sanctions and would
be impermissible for a U.S. Person.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
Other than as described in the Registration Statement, the General Disclosure
Package and the Prospectus, for the past five years, the Manager and its
subsidiaries have not knowingly engaged in, and are not now knowingly engaged
in and will not knowingly engage in any dealings or transactions with any
Person, or in any country or territory, that at the time of the dealing or
transaction is or was the subject of Sanctions and would be impermissible for a
U.S. Person.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <I>Immunity
from Jurisdiction</I>. Neither the Manager nor any of its properties or
assets has any immunity from the jurisdiction of any court or from any legal
process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution or otherwise) under the laws of the United
States, the Republic of the Marshall Islands, Liberia, Cyprus, Panama or Greece
or any political subdivisions thereof.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <I>Submission
to Jurisdiction</I>. The Manager has the power to submit, and pursuant
to Section 4 of this Manager Side Letter has legally, validly, effectively and
irrevocably submitted, to the jurisdiction of any federal or state court in the
State of New York, County of New York, and has the power to designate, appoint
and empower, and pursuant to Section 4 of this Manager Side Letter has legally,
validly and effectively designated, appointed and empowered, an agent for
service of process in any suit or proceeding based on or arising under this
Agreement in any federal or state court in the State of New York.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2. <U>Termination
of Representations and Warranties</U>. All representations, warranties and
agreements contained in this Manager Side Letter shall terminate at the Closing
Time and be of no further force and effect; <U>provided</U>, <U>however</U>,
that if the Underwriters exercise their option to purchase Option Securities
pursuant to Section 2(b) of the Purchase Agreement, then all representations,
warranties and agreements contained in this Manager Side Letter shall be deemed
not to have terminated at the Closing Time and shall survive until such Date of
Delivery referred to in Section 2(b) of the Purchase Agreement and thereupon
shall terminate and be of no further force and effect.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>F-4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3. <U>Manager
Officer&#146;s Certificate</U>. The Manager agrees to deliver to the Representatives
at the Closing Time a certificate of its chief executive officer, dated as of
the Closing Time, to the effect that the representations and warranties of the
Manager set forth in this Manager Side Letter are true and correct with the
same force and effect as though expressly made at and as of the Closing Time; <U>provided</U>,
<U>however</U>, that the representations and warranties contained in such
certificate shall terminate immediately after the Closing Time and be of no
further force and effect.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4. <U>Jurisdiction</U>.
The Manager agrees that any suit, action or proceeding against the Manager
brought by any Underwriter, the directors, officers, employees and agents of
any Underwriter, or by any person who controls any Underwriter, arising out of
or based upon this Manager Side Letter may be instituted in any court located
in the City and County of New York (a &#147;<U>New York Court</U>&#148;), and waives any
objection which it may now or hereafter have to the laying of venue of any such
proceeding, and irrevocably submits to the non-exclusive jurisdiction of such
courts in any suit, action or proceeding. The Manager has appointed CT
Corporation, as its authorized agent (the &#147;<U>Authorized Agent</U>&#148;) upon whom
process may be served in any suit, action or proceeding arising out of or based
upon this Agreement or the transactions contemplated herein which may be
instituted in any New York Court, by any Underwriter, the directors, officers,
employees and agents of any Underwriter, or by any person who controls any
Underwriter, and expressly accepts the non-exclusive jurisdiction of any such court
in respect of any such suit, action or proceeding. The Manager hereby
represents and warrants that the Authorized Agent has accepted such appointment
and has agreed to act as said agent for service of process, and the Manager
agrees to take any and all action, including the filing of any and all
documents that may be necessary to continue such appointment in full force and
effect as aforesaid. Service of process upon the Authorized Agent shall be
deemed, in every respect, effective service of process upon the Manager.
Notwithstanding the foregoing, any action arising out of or based upon this
Manager Side Letter may be instituted by any Underwriter, the directors,
officers, employees and agents of any Underwriter, or by any person who
controls any Underwriter, in any court of competent jurisdiction in the
Republic of the Marshall Islands or the Republic of Panama.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5. <I><U>GOVERNING
LAW</U></I>. THIS MANAGER SIDE LETTER SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6. <U>Effect
of Headings</U>. The Section headings herein are for convenience only and shall
not affect the construction hereof.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>[<I>Signature Page Follows</I>]</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>F-5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the Manager has caused this Manager Side Letter to be signed by the
following authorized person thereunto duly authorized as of the date first
written above.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="61%" VALIGN=TOP>
 <P CLASS=MSOLISTBULLET>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P CLASS=MSOLISTBULLET>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P CLASS=MSOLISTBULLET>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=2>SAFETY
 MANAGEMENT OVERSEAS S.A.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="70%" NOSHADE COLOR=BLACK ALIGN=left>
 <P CLASS=MSOLISTBULLET></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=2>George
 Papadopoulos</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P CLASS=MSOLISTBULLET><FONT SIZE=2>President</FONT></P>
 </TD>
 </TR>
</TABLE>
<P CLASS=MSOLISTBULLET><FONT SIZE=2>CONFIRMED AND ACCEPTED,<BR>
as of the date first above written:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>MORGAN STANLEY &amp; CO. INCORPORATED</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="39%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MERRILL
 LYNCH, PIERCE, FENNER &amp; SMITH</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left style="text-indent:26.05mm"><FONT SIZE=2>INCORPORATED</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="37%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MORGAN
 STANLEY &amp; CO. INCORPORATED</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Authorized Signatory</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MERRILL
 LYNCH, PIERCE, FENNER &amp; SMITH</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P style="text-indent:26.05mm"><FONT SIZE=2>INCORPORATED</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Authorized Signatory</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>For themselves and as Representatives of the other Underwriters named
in Schedule&nbsp;A to the Purchase Agreement.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>F-6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE=2>Exhibit G</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>FORM OF LOCK-UP FROM DIRECTORS,
OFFICERS AND VORINI HOLDINGS, INC. PURSUANT<BR>
TO SECTION&nbsp;5(n)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>_________, 2011</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MORGAN
 STANLEY &amp; CO. INCORPORATED</Font></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MERRILL
 LYNCH, PIERCE, FENNER &amp; SMITH</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left style="text-indent:26.05mm"><FONT SIZE=2>INCORPORATED</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>as
 Representatives of the several</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Underwriters
 to be named in the</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>within
 mentioned Purchase Agreement</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>c/o Morgan
 Stanley &amp; Co. Incorporated</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1585
 Broadway</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>New York,
 New York 10036</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: <U>Proposed
Public Offering by Safe Bulkers, Inc.</U></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Dear Sirs:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned, [a stockholder] [[and] an officer and/or director] of Safe
Bulkers, Inc., a Marshall Islands corporation (the &#147;Company&#148;), understands that
Morgan Stanley &amp; Co. Incorporated (&#147;Morgan Stanley&#148;) and Merrill Lynch,
Pierce, Fenner&nbsp;&amp; Smith Incorporated (&#147;Merrill Lynch&#148;) propose to enter
into a Purchase Agreement (the &#147;Purchase Agreement&#148;) with the Company providing
for the public offering of shares (the &#147;Securities&#148;) of the Company&#146;s common
stock, par value $0.001 per share (the &#147;Common Stock&#148;). In recognition of the
benefit that such an offering will confer upon the undersigned as [a
stockholder] [[and] an officer and/or director] of the Company, and for other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the undersigned agrees with each underwriter to be named
in the Purchase Agreement that, during a period of 90 days from the date of the
Purchase Agreement, the undersigned will not, without the prior written consent
of Morgan Stanley and Merrill Lynch, directly or indirectly (i) offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant for the sale of,
or otherwise dispose of or transfer any shares of the Company&#146;s Common Stock or
any securities convertible into or exchangeable or exercisable for Common
Stock, whether now owned or hereafter acquired by the undersigned or with
respect to which the undersigned has or hereafter acquires the power of
disposition, or file, or cause to be filed, any registration statement under
the Securities Act of 1933, as amended, with respect to any of the foregoing
(collectively, the &#147;Lock-Up Securities&#148;) or (ii) enter into any swap or any
other agreement or any transaction that transfers, in whole or in part,
directly or indirectly, the economic consequence of ownership of the Lock-Up
Securities, whether any such swap or transaction is to be settled by delivery
of Common Stock or other securities, in cash or otherwise.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, and subject to the conditions below, the undersigned may
transfer the Lock-Up Securities without the prior written consent of Morgan
Stanley and Merrill Lynch, provided that (1) Morgan Stanley and Merrill Lynch receive a signed lock-up agreement for the
balance of the lockup period from each donee, trustee or transferee, as the
case may be, (2) any such transfer shall not involve a disposition for
value, (3) such transfers are not required to be reported in any public report
or filing with the Securities and Exchange Commission, or otherwise and (4) the
undersigned does not otherwise voluntarily effect any public filing or report
regarding such transfers:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>G-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
as a <I>bona
fide</I> gift or gifts; or</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
to any trust or other entity for the direct or indirect benefit of, or
wholly-owned by, the undersigned or the immediate family of the undersigned
(for purposes of this lock-up agreement, &#147;immediate family&#148; shall mean any
relationship by blood, marriage or adoption, not more remote than first
cousin).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, if:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) during
the last 17 days of the 90-day lock-up period, the Company issues an earnings
release or material news or a material event relating to the Company occurs; or</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) prior
to the expiration of the 90-day lock-up period, the Company announces that it
will release earnings results or becomes aware that material news or a material
event will occur during the 16-day period beginning on the last day of the
90-day lock-up period,</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>the restrictions imposed by this lock-up agreement shall continue to
apply until the expiration of the 18-day period beginning on the issuance of
the earnings release or the occurrence of the material news or material event,
as applicable, unless Morgan Stanley and Merrill Lynch waive, in writing, such
extension.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
hereby acknowledges and agrees that written notice of any extension of the
90-day lock-up period pursuant to the previous paragraph will be delivered by
Morgan Stanley and Merrill Lynch to the Company (in accordance with
Section&nbsp;12 of the Purchase Agreement) and that any such notice properly
delivered will be deemed to have been given to, and received by, the
undersigned. The undersigned further agrees that, prior to engaging in any
transaction or taking any other action that is subject to the terms of this
lock-up agreement during the period from the date of this lock-up agreement to
and including the 34th day following the expiration of the initial 90-day
lock-up period, it will give notice thereof to the Company and will not
consummate such transaction or take any such action unless it has received
written confirmation from the Company that the 90-day lock-up period (as may
have been extended pursuant to the previous paragraph) has expired.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned also agrees and consents to the entry of stop transfer instructions
with the Company&#146;s transfer agent and registrar against the transfer of the
Lock-Up Securities except in compliance with the foregoing restrictions.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="61%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="29%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>Very truly
 yours,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Signature:&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Print Name:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>G-2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>c65188_ex5-1.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P align=right><FONT SIZE=2><b>Exhibit 5.1</b></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><img src="c65188001_v2.jpg" alt="(COZEN LOGO)"></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>A PROFESSIONAL CORPORATION</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2 FACE=ARIAL>16<small>TH</small> FLOOR&nbsp;&nbsp;45 BROADWAY&nbsp;&nbsp;NEW YORK, NY 10006-3792
&nbsp;&nbsp;212.509.9400&nbsp;&nbsp;800.437.7040&nbsp;&nbsp;212.509.9492 FAX&nbsp;&nbsp;www.cozen.com</FONT></P>

<P><FONT SIZE=2>April 15, 2011</FONT></P>

<P><FONT SIZE=2>Safe Bulkers, Inc.<BR>
32 Avenue Karamanli <BR>
16605 Voula <BR>
Athens, Greece</FONT></P>

<P><FONT SIZE=2>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safe
Bulkers, Inc.</FONT></P>

<P><FONT SIZE=2>Dear Sirs:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as special counsel as to matters of the law of the Republic of the
Marshall Islands (&#147;<U>Marshall Islands Law</U>&#148;) to Safe Bulkers, Inc. (the &#147;<U>Company</U>&#148;)
in connection with the Company&#146;s Shelf Registration Statement on Form F-3 (the &#147;<U>Registration
Statement</U>&#148;) filed by the Company with the Securities and Exchange
Commission (the &#147;Commission&#148;) pursuant to the Securities Act of 1933, as
amended (the &#147;<U>Act</U>&#148;), and the rules and regulations thereunder, with
respect to the sale by the Company of up to 5,750,000 shares (the &#147;<U>Shares</U>&#148;)
of common stock, par value $0.001 per share, of the Company, and related
preferred stock purchase rights (the &#147;<U>Rights</U>&#148;) under a Stockholder
Rights Agreement dated as of May 14, 2008 (the &#147;<U>Stockholder Rights
Agreement</U>&#148;) between the Company and American Stock Transfer &amp; Trust
Company, as rights agent.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
so acting, we have examined originals or photocopies, of (i) the Registration
Statement and the prospectus (the &#147;<U>Preliminary Prospectus</U>&#148;) included
therein and the preliminary prospectus supplement filed with the Commission on
April 11, 2011 (the &#147;<U>Preliminary Prospectus Supplement</U>&#148;) as well as
the prospectus supplement dated April 12, 2011 (the &#147;<U>Prospectus Supplement</U>&#148;
and together with the Preliminary Prospectus and the Preliminary Prospectus
Supplement, the &#147;<u>Prospectus</u>&#148;), (ii) the Purchase Agreement dated April 11, 2011
(the &#147;<u>Purchase Agreement</u>&#148;) among the Company and the underwriters named
therein, (iii) the Stockholder Rights Agreement, and (iv) originals, or photocopies,
of all such records of the Company, agreements and other documents,
certificates of public officials, officers and representatives of the Company,
and such other documents as we have deemed</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Safe Bulkers, Inc. <BR>
 April 15, 2011 <BR>
 Page 2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>necessary as a basis for the
opinions hereinafter expressed. In such examination, we have assumed without
independent investigation, the genuineness of all signatures, the authenticity
of all documents submitted to us as originals, the conformity with the original
documents of all documents submitted to us as photostatic or facsimile copies,
and the accuracy of the factual representations made to us by officers and
other representatives of the Company. We have also assumed the power, authority
and legal right of all parties (other than the Company) to the Purchase
Agreement and the Stockholder Rights Agreement to enter into and perform their
respective obligations thereunder and the due authorization, execution and
delivery of such documents by such parties.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion is limited to Marshall Islands Law as of the date hereof. In rendering
our opinion in Paragraph E below we have, with your permission, relied on the
opinion addressed to you dated the date hereof of Kirkland &amp; Ellis LLP,
U.S. counsel to the Company, with respect to the Stockholder Rights Agreement.
In rendering our opinion as to the valid existence in good standing of the
Company, we have relied solely on a Certificate of Goodstanding issued by the
Registrar of Corporations of the Republic of the Marshall Islands on April 6,
2011.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the foregoing and having regard to legal considerations which we deem
relevant, we are of the opinion that:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>A.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Company is a
 corporation duly incorporated, validly existing and in good standing under
 the law of the Republic of The Marshall Islands.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>B.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Company has the
 corporate power and corporate authority to enter into, execute, deliver and
 perform the Stockholder Rights Agreement.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>C.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Company has taken all
 corporate action required to authorize the Shares and when the Shares are
 issued and delivered against payment therefore as contemplated in the
 Registration Statement and the Prospectus, the Shares will be validly issued,
 fully paid and non-assessable.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>D.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Company has taken all
 corporate action required to authorize the execution and delivery of the
 Stockholder Rights Agreement and the issuance of the Rights, and the
 Stockholder Rights Agreement has been duly executed and delivered by a duly
 authorized signatory of the Company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>E.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>When issued in accordance
 with the terms of the Stockholder Rights Agreement, the Rights will have been
 validly issued and constitute valid and binding obligations of the Company.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion in Paragraph E above is subject to the qualification that the rights
and remedies of any party to the Stockholder Rights Agreement(a) may be limited
by bankruptcy, reorganization, insolvency, moratorium or other similar laws
affecting generally the enforcement of creditors&#146; rights from time to time in
effect, and (b) are subject to general</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Safe Bulkers, Inc. <BR>
 April 15, 2011 <BR>
 Page 3</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>principles of equity
(regardless of whether such rights and remedies are considered in a proceeding
in equity or at law), including application by a court of competent
jurisdiction of principles of good faith, fair dealing, commercial
reasonableness, materiality, unconscionability and conflict with public policy
or other similar principles.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion is as of the date hereof and we have no responsibility to update this
opinion for events and circumstances occurring after the date hereof or as to
facts relating to prior events that are subsequently brought to our attention.
We disavow any undertaking to advise you of any changes in laws.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
consent to the filing of this opinion as an exhibit to the Registration
Statement and to the reference to our name in the Prospectus. In giving such
consent, we do not admit that we are in the category of persons whose consent
is required under Section 7 of the Act.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Very truly yours, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>COZEN O&#146;CONNOR</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
<P><FONT SIZE=2><img src="c65188002_v2.jpg" alt="-s- Cozen O&#146;Connor"></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Cozen O&#146;Connor</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>6
<FILENAME>c65188_ex5-2.htm
<TEXT>
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<head>
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<p style="margin: 0"></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1.5in"><font style="font-size: 10pt">&nbsp;</font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 1.5in"><font style="font-size: 10pt"><b>Exhibit
5.2</b></font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1.5in"><font style="font-size: 10pt">&nbsp;</font></p>

<p align="center" style="font: 12pt Times New Roman, Times, Serif; margin: 0;"><font style="font-size: 10pt">Kirkland &amp;
Ellis LLP</font></p>

<p align="center" style="font: 12pt Times New Roman, Times, Serif; margin: 0;"><font style="font-size: 10pt">601 Lexington
Avenue</font></p>

<p align="center" style="font: 12pt Times New Roman, Times, Serif; margin: 0;"><font style="font-size: 10pt">New York, NY
10022</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1.5in"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1.5in"><font style="font-size: 10pt">April
15, 2011</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1.5in"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1.5in"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><font style="font-size: 10pt">Safe
Bulkers, Inc.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><font style="font-size: 10pt">32
Avenue Karamanli</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><font style="font-size: 10pt">P.O.
Box 70837</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><font style="font-size: 10pt">16605
Voula</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><font style="font-size: 10pt">Athens,
Greece</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in"><font style="font-size: 10pt">Re:&nbsp;Offering
of 5,000,000 shares (the &ldquo;Securities&rdquo;) of Common Stock, par value $0.001 per share of Safe Bulkers, Inc.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">Ladies and Gentlemen:</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">We have
acted as special United States legal counsel to Safe Bulkers, Inc., a Marshall Islands corporation (the &ldquo;Company&rdquo;).
At the Company&rsquo;s request we are delivering this letter in connection with the above-referenced transaction.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">In connection
with the preparation of this letter, we have, among other things, read:</font></p>

<p style="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in">
<font style="font-size: 10pt; color: black">(a)<font style="font-family: Times New Roman, Times, Serif">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font>the Registration Statement on Form F-3 (Registration 333-162381) initially filed by the Company with the Securities and
Exchange Commission (the &ldquo;Commission&rdquo;) on November 8, 2009, and as subsequently amended, for the purpose of registering
the offering of the Securities under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and as constituted
at the time it became effective in accordance with the Securities Act) is herein called the &ldquo;Registration Statement&rdquo;;</font></p>

<p style="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in"><font style="font-size: 10pt">(b)<font style="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font>the Purchase Agreement dated April 12, 2011 (the &ldquo;Purchase Agreement&rdquo;) among the Company and the several Underwriters
named therein;</font></p>

<p style="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in"><font style="font-size: 10pt">(c)<font style="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font>copies of all certificates and other documents delivered today at the closing of the purchase and sale of the Securities
under the Purchase Agreement;</font></p>

<p style="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in"><font style="font-size: 10pt; color: black">(d)<font style="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The Stockholder Rights Agreement dated May 14, 2008 (the &ldquo;Stockholder Rights Agreement&rdquo;) between the Company
and American Stock Transfer &amp; Trust Company; and </font></p>

<p style="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in"><font style="font-size: 10pt">(e)<font style="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font>such other documents, records and other instruments as we have deemed necessary or appropriate in order to deliver the
opinions set forth herein.</font></p>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">Page 2</font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt"></font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">Subject
to the assumptions, qualifications, exclusions and other limitations which are identified in this letter, we advise you that:</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">1.&nbsp;Assuming
that under the laws of the Republic of the Marshall Islands, the Stockholder Rights Agreement has been duly authorized, validly
executed and delivered by the Company and the Stockholder Rights Agreement constitutes a valid and binding agreement of the Company
enforceable against the Company in accordance with its terms.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">Except
for the activities described in this letter, we have not undertaken any investigation to determine the facts upon which the advice
in this letter is based.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">We have
not undertaken any search of court records for purposes of this letter. We have assumed for purposes of this letter: each document
we have reviewed for purposes of this letter is accurate and complete, each such document that is an original is authentic, each
such document that is a copy conforms to an authentic original, and all signatures on each such document are genuine; that the
parties thereto had the power, corporate or other, to enter into and perform all obligations thereunder; that each such document
was duly authorized by all requisite corporate action of parties, other than the Company, and that such documents were duly executed
and delivered by each party thereto.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">The advice
regarding the binding terms of the Stockholders Rights Agreement (an &ldquo;enforceability opinion&rdquo;) in this letter that
any particular contract is a valid and binding obligation or is enforceable in accordance with its terms is subject to: (i) the
effect of bankruptcy, insolvency, fraudulent conveyance and other similar laws and judicially developed doctrines in this area
such as substantive consolidation and equitable subordination; (ii) the effect of general principles of equity; and (iii) other
commonly recognized statutory and judicial constraints on enforceability including statutes of limitations. In addition, we do
not express any opinion as to the enforceability of any rights to contribution or indemnification which may be violative of public
policy underlying any law, rule or regulation (including federal or state securities law, rule or regulation). &ldquo;General
principles of equity&rdquo; include but are not limited to: principles limiting the availability of specific performance and injunctive
relief; principles which limit the availability of a remedy under certain circumstances where another remedy has been elected;
principles requiring reasonableness, good faith and fair dealing in the performance and enforcement of an agreement by the party
seeking enforcement; principles which may permit a party to cure a material failure to perform its obligations; and principles
affording equitable defenses such as waiver, laches and estoppel. It is possible that terms in a particular contract covered by
our enforceability opinion may not prove enforceable for reasons other than those explicitly cited in this letter should an actual
enforcement action be brought, but (subject to all the exceptions, qualifications, exclusions and other limitations contained
in this letter) such unenforceability would not in our opinion prevent the party entitled to enforce that contract from realizing
the principal benefits purported to be provided to that party by the terms in that contract which are covered by our enforceability
opinion.</font></p>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">Page 3</font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt"></font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">Our advice
on every legal issue addressed in this letter is based exclusively on the internal law of the State of New York, without our having
made any investigation as to the applicability of any specific law unless such advice specifically references a specific law (the
&ldquo;Specified Laws&rdquo;), and represents our opinion as to how that issue would be resolved were it to be considered by the
highest court in the jurisdiction which enacted such law. None of the opinions or other advice contained in this letter considers
or covers, and the term &ldquo;Specified Law&rdquo; does not include: (i) any antifraud laws, rules or regulations, (ii) any state
securities (or &ldquo;blue sky&rdquo;) laws, rules or regulations, (iii) any laws, statutes, governmental rules or regulations
or decisions which in our experience are not usually considered for or covered by opinions like those contained in this letter
or are not generally applicable to transactions of the kind covered by the Purchase Agreement including any regulatory laws or
requirements specific to the industry in which you or the Company is engaged; and (iv) any laws or regulations relating to admiralty
or the ownership or operation of shipping vessels to which the Company or any of its subsidiaries is subject or the necessity
of any authorization, approval or action by, or any notice to, consent of, order of, or filing with, any governmental authority,
pursuant to any such laws or regulations. We express no opinion as to what law might be applied by any courts to resolve any issue
addressed by our opinion and we express no opinion as to whether any relevant difference exists between the laws upon which our
opinions are based and any other laws which may actually be applied to resolve issues which may arise. The manner in which any
particular issue would be treated in any actual court case would depend in part on facts and circumstances particular to the case
and would also depend on how the court involved chose to exercise the wide discretionary authority generally available to it.
This letter is not intended to guarantee the outcome of any legal dispute that may arise in the future.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">This letter
speaks as of the time of its delivery on the date it bears. We do not assume any obligation to provide you with any subsequent
opinion or advice by reason of any fact about which we did not have knowledge at that time, by reason of any change subsequent
to that time in any law covered by any of our opinions, or for any other reason.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">We express
no opinion with respect to compliance with, or the application or effect of, any laws or regulations relating to admiralty or
the ownership or operation of shipping vessels to which the Company or any of its subsidiaries is subject or the necessity of
any authorization, approval or action by, or any notice to, consent of, order of, or filing with, any governmental authority,
pursuant to any such laws or regulations.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">We hereby
consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement. We also consent to the
reference to our firm under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement and the Prospectus Supplement
related to this offering of Securities. In giving this consent, we do not thereby admit that we are included in the category of
persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2.0in"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5in"><font style="font-size: 10pt">Sincerely,</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 4.5in"><font style="font-size: 10pt">/s/
Kirkland &amp; Ellis LLP&nbsp;&nbsp;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><font style="font-size: 10pt">&nbsp;</font></p>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>

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